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Exercise 18-11 (Algo) Retirement of shares [LO18-5]
In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 215 million shares of its $1 par common stock at $47 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).
- On January 2, 2024, Borland reacquired 11 million shares at $45.00 per share.
- On March 3, 2024, Borland reacquired 11 million shares at $50 per share.
- On August 13, 2024, Borland sold 1 million shares at $55 per share.
- On December 15, 2024, Borland sold 2 million shares at $50 per share.
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