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, 260 million shares at $1 par	$	260
Paid-in capitalexcess of par		2,080
Paid-in capitalshare repurchase		2
Retained earnings		1,600

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 8 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

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The shareholders' equity section of the balance sheet of TNL Systems Inc. Included the following accounts at December 31, 2020: Shareholders' Equity (s in millions) Common stock, 260 million shares at $1 par $ 260 Paid-in capital-excess of par 2,880 Paid-in capital-share repurchase Retained earnings 1,600 2 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 3 million shares at $14 per share. c. 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 2021-2023 was distributed to shareholders as cash dividends. Journal entry worksheet Record the sale of 3 million shares at $14 per share. Note: Enter debits before credits. Date July 09, 2021 General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Record the purchase of 8 million shares at $12 per share assuming the shares are viewed as treasury stock. Note: Enter debits before credits. Date February 05, 2021 General Journal Debit Credit Recordant Cloacanta Vasowel Journal entry worksheet Record the sale of 3 million shares at $14 per share. Note: Enter debits before credits. Date July 09, 2021 General Journal Debit Credit Rosandantov Cacant Viwanaume Journal entry worksheet