The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 340 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 340 2,720 2,400 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. a. On February 5, 2021, TNL Systems purchased 8 million shares at $12 per share. b. On July 9, 2021, the corporation sold 2 million shares at $14 per share. c. On November 14, 2023, the corporation sold 2 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 2021-2023 was distributed to shareholders as cash dividends