The shareholders equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020:

Shareholders' Equity	($ in millions)
Common stock, 300 million shares at $1 par	$	300
Paid-in capitalexcess of par		2,400
Paid-in capitalshare repurchase		2
Retained earnings		2,000

Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock.

1. On February 5, 2021, TNL Systems purchased 7 million shares at $12 per share.
2. On July 9, 2021, the corporation sold 3 million shares at $14 per share.
3. On November 14, 2023, the corporation sold 3 million shares at $9 per share.

2. Prepare the shareholders equity section of TNL Systems balance sheet at December 31, 2023, comparing the two approaches. Assume all net income earned in 20212023 was distributed to shareholders as cash dividends.

Req 1 Retired Req 1 Treasury Stock Reg 2 Prepare the entries for both the purchase and subsequent resale for the above transactions of the shares assuming the shares are retired. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) No Debit Credit A Date General Journal February 05, 2021 Common stock Paid-in capital - excess of par B July 09, 2021 Cash Common stock Paid-in capital - excess of par November 14, 202 Cash Common stock Paid-in capital - excess of par Req 1 Treasury Reg 1 Retired Stock Reg 2 Prepare the entries for both the purchase and subsequent resale for the above transactions of the shares assuming the shares are viewed as treasury stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) No General Journal Debit Credit A Date February 05, 2021 Treasury stock Cash B B July 09, 2021 Cash Treasury stock - November 14, 202 Cash Paid-in capital - share repurchase Retained earnings Treasury stock Req 1 Retired Req 1 Treasury Stock Reg 2 Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2023, comparing the two approaches. Assume all net income earned in 2021-2023 was distributed to shareholders as cash dividends. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Shareholder's Equity ($ in millions) Retirement Treasury stock Paid-in capital Common stock Paid-in capital - excess of par Retained earnings Less: Treasury stock Total shareholders' equity 0 $ 0 $ GA 0