In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 200 million shares of its $1 par common stock at $40 per share. Required: Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: Note: 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). 1. On January 2, 2024, Borland reacquired 14 million shares at $38.50 per share. 2. On March 3, 2024, Borland reacquired 14 million shares at $42 per share. 3. On August 13, 2024, Borland sold 1 million shares at $48 per share. 4. On December 15, 2024, Borland sold 2 million shares at $42 per share.

In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 200 million shares of its $1 par common stock at $40 per share. Required: Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: Note: 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). 1. On January 2, 2024, Borland reacquired 14 million shares at $38.50 per share. 2. On March 3, 2024, Borland reacquired 14 million shares at $42 per share. 3. On August 13, 2024, Borland sold 1 million shares at $48 per share. 4. On December 15, 2024, Borland sold 2 million shares at $42 per share.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 9P

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