The shareholders equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2017:

Shareholders' Equity	($ in millions)
Common stock, 340 million shares at $1 par	$	340
Paid-in capitalexcess of par		2,720
Paid-in capitalshare repurchase		1
Retained earnings		2,400

Required: 1. During 2018, 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, 2018, TNL Systems purchased 8 million shares at $12 per share.
2. On July 9, 2018, the corporation sold 2 million shares at $14 per share.
3. On November 14, 2020, the corporation sold 2 million shares at $9 per share.

2. Prepare the shareholders equity section of TNL Systems balance sheet at December 31, 2020, comparing the two approaches. Assume all net income earned in 20182020 was distributed to shareholders as cash dividends.

The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2017: (s in millions) $ 340 2,720 Shareholders' Equity Common stock,340 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings 2,400 Required: 1. During 2018, 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, 2018, TNL Systems purchased 8 million shares at $12 per share. b. On July 9, 2018, the corporation sold 2 million shares at $14 per share. c. On November 14, 2020, the corporation sold 2 million shares at $9 per share. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2020, comparing the two approaches. Assume all net income earned in 2018-2020 was distributed to shareholders as cash dividends. Complete this question by entering your answers in the tabs below Req IA Req 1B Req 2 Journal entry worksheet Record the purchase of 8 million shares at $12 per share assuming the shares are retired Note: Enter debits befoee credits Debit Credit Date General Journal February 05, 2018 Record entry Clear entry View general journal View transaction list 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 Debit Credit General Journal Date February 05, 2018 View general journal Record entry Clear entry Complete this question by entering your answers in the tabs below Req 1A Req 1B Req 2 Prepare the shareholders'equity section of TNL Systems balance sheet at December 31, 2020, comparing the two approaches. Assume all net income earned in 2018-2020 was distributed to sharcholders as cash dividends. (Enter your answers in millions (ie, 10,000,000 should be entered as 10) Shareholder's Equity $ in millions Retirement Treasury stock Paid-in capital: Total shareholders' equity Req 18 Req 2