In 2018, Borland Semiconductors entered into the transactions described below. I
ID: 2545840 • Letter: I
Question
In 2018, Borland Semiconductors entered into the transactions described below. In 2015, Borland had issued 170 million shares of its $1 par common stock at $34 per share. Required: Assuming that 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 (i.e., 10,000,000 should be entered as 100 1. On January 2, 2018, Borland reacquired 10 million shares at $32.50 per share. 2. On March 3, 2018, Borland reacquired 10 million shares at $36 per share. 3. On August 13, 2018, Borland sold 1 million shares at $42 per share. 4. On December 15, 2018, Borland sold 2 million shares at $36 per share. View transaction list Journal entry worksheet Record the reacquisition of 10 million shares at $32.50 per share. Note: Enter debits before credits. Dobit Credit Date General Journal January 02, 2018 Record entry Clear ontry View general journalExplanation / Answer
Date General journal Dr. Cr. Jan 02,2018 Common stock [10 M * $1] $10000000 paid in capital-excess of par [$10 M * ($34 - $1)] $330000000 To paid in capital- share repucharse $15000000 To cash [10M * $32.5] $325000000 Mar03,2018 Common stock [10 M * $1] 10000000 paid in capital-excess of par [$10 M * ($34 - $1)] 330000000 paid in capital- share repucharse (Jan 02,2018) 15000000 Retained earnings 5000000 To cash [10M * $36] 360000000 Aug 13,2018 Cash [1M * $42] $42000000 To common stock $1000000 To paid in capital-excess of par [1 M * ($42-$1)] $41000000 Dec 15,2018 Cash [2M * $36] $72000000 To common stock $2000000 To paid in capital-excess of par [2 M * ($36-$1)] $70000000