In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 210 million shares of its $1 par common stock at $45 per share. Required: Assuming the Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (if no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions (1.e., 10,000,000 should be entered as 10).) On January 2, 2021, Borland reacquired 10 million shares at $43.50 per share. On March 3, 2021, Borland reacquired 10 million shares at $47 per share. On August 13, 2021, Borland sold 1 million shares at $53 per share. On December 15, 2021, Borland sold 2 million shares at $47 per share. Journal entry worksheet Record the reacquisition of 10 million shares at $43.50 per share. Record the reacquisition of 10 million shares at $47 per share. Record the sale of 1 million shares at $53 per share. Record the sale of 2 million shares at $47 per share.
In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 210 million shares of its $1 par common stock at $45 per share. Required: Assuming the Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (if no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions (1.e., 10,000,000 should be entered as 10).) On January 2, 2021, Borland reacquired 10 million shares at $43.50 per share. On March 3, 2021, Borland reacquired 10 million shares at $47 per share. On August 13, 2021, Borland sold 1 million shares at $53 per share. On December 15, 2021, Borland sold 2 million shares at $47 per share. Journal entry worksheet Record the reacquisition of 10 million shares at $43.50 per share. Record the reacquisition of 10 million shares at $47 per share. Record the sale of 1 million shares at $53 per share. Record the sale of 2 million shares at $47 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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Question
In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 210 million shares of its $1 par common stock at $45 per share.
Required:
Assuming the Borland retires shares it reacquires, record the appropriate
- On January 2, 2021, Borland reacquired 10 million shares at $43.50 per share.
- On March 3, 2021, Borland reacquired 10 million shares at $47 per share.
- On August 13, 2021, Borland sold 1 million shares at $53 per share.
- On December 15, 2021, Borland sold 2 million shares at $47 per share.
Journal entry worksheet
- Record the reacquisition of 10 million shares at $43.50 per share.
- Record the reacquisition of 10 million shares at $47 per share.
- Record the sale of 1 million shares at $53 per share.
- Record the sale of 2 million shares at $47 per share.
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