In 2018, Borland Semiconductors entered Into the transactions described below. I
ID: 2547221 • Letter: I
Question
In 2018, Borland Semiconductors entered Into the transactions described below. In 2015, Borland had issued 165 million shares of its $1 par common stock at $27 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 10).) Book 1. On January 2, 2018, Borland reacquired 12 million shares at $25.50 per share. 2. On March 3, 2018, Borland reacquired 12 million shares at $29 per share. 3. On August 13, 2018, Borland sold 1 million shares at $35 per share. 4. On December 15. 2018, Borland sold 2 million shares at $29 per share. Hint Print View transaction list Journal entry worksheet erences Record the reacquisition of 12 million shares at $25.50 per share. Note: Enter debits before credits General Journal Debit Credit January 02, 2018 Clear entry View general journal Record entryExplanation / Answer
Journal entry :
Date accounts & explanation debit credit Jan 2,2018 Treasury stock (12*25.50) 306 Cash 306 Mar 3,2018 Treasury stock (12*29) 348 Cash 348 Aug 13,2018 Cash 35 Paid in capital from sale of treasury stock 9.50 Treasury stock 25.50 Dec 15,2018 Cash (2*29) 58 Paid in capital from sale of treasury stock 7 Treasury stock (2*25.50) 51