Instructions: This discussion will be completed in two parts and will give you an opportunity to reflect upon this week's content and to interact with your Part 1 - Post your initial response to the discussion questions by Thursday at 11:59 pm Part 2- Post substantive feedback to two (2) classmates by Sunday at 11:59 pm 11 - Part 1: classmates. "I guess I will win that bet!" you exclaim out loud."What bet?" your colleague Cheryl asks."When I bought my REC stock last year, David insisted it was a misstate, that they were going to collapse. I bet him a soda that he was wrong. The press release says they have positive earnings," you bragged. Cheryl was looking over your shoulder now at the article you were pointing at: CHICAGO (ACCOUNTING WIRE)-July 1, 2018-Republic Enterprises Companies, Inc. (REC) today reported net income attributable to REC of $3.6 billion for the quarter ended May 31, 2018...Diluted earnings per share attributable to REC were $1.52 for the second quarter of 2018, compared with $1.21 for the second quarter of 2017. Our Board of Directors.... authorized the repurchase of shares of REC Common Stock, with an aggregate purchase price of up to $2.0 billion. "A dollar fifty-two a share, huh?" Cheryl asked. "How many shares do you have? When do you get the check?" 1. Cheryl's questions imply that she thinks you will get a cash dividend of $1.52 a share. What do earnings per share really tell you? 2. A previous press release indicated that "Share and per share amounts prior to the second quarter of 2016 have been restated to reflect the 1-for-20 reverse stock-split effective June 30, 2016.: What does that mean? 3. The press release indicates plans to repurchase share of its own stock. Would the reduction in shares from a stock repurchase be taken into account when EPS is calculated? How? 4. Your discussion board grade is based on your original answers and your response posts. Your original post grade (10 pts) is based on the following: Your discussion board post is well-thought-out. It is in good form (proper spelling, grammar, and punctuation). Sahara, Inc. previously issued 100,000 shares of its $1 par common stock for $10. In 2018, Sahara completed the following treasury stock transactions: 5 5 2/2/18 7 3/17/2018 Sold 20,000 shares at $14 8 5/17/2018 Sold 25,000 shares at $8 9 Reacquired 70,000 shares at $12 10 Required: 11 Prepare the journal entries to record the above transactions, using the cost method. 12