Question

In 2018, borland semiconductors entered into the transactions described below. In 2015, 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:


a. On january 2, 2018, borland reacquired 11 million shares at $45.00 per share.
b. On march 3, 2018, borland reacquired 11 million shares at $50 per share.
c. On august 13, 2018, borland sold 1 million shares at $55 per share.
d. On december 15, 2018, borland sold 2 million shares at $50 per share.

Answer 1

Answer:

Kindly check attached picture

Explanation:

In 2018, borland semiconductors entered into the transactions described below. In 2015, 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:

a. On january 2, 2018, borland reacquired 11 million shares at $45.00 per share.

b. On march 3, 2018, borland reacquired 11 million shares at $50 per share.

c. On august 13, 2018, borland sold 1 million shares at $55 per share.

d. On december 15, 2018, borland sold 2 million shares at $50 per share.

Kindly check attached picture for detailed explanation