Answer:
1.
TNL System Journal entries
Date Description DR CR
$'million $'million
a. Feb 5 Treasury Stock 66
Cash 55
<em>Being the purchase of own shares</em>
b. July 9 Cash 26
Treasurt Stock 22
Paid -in- Capital -share repurchase 4
<em> </em><em>Being the resale of treasury stock</em>
<em>c. </em> Nov 4 Cash 16
Paid - in-capital- share repurchase 5
Retained earnings 1
Treasury stock 22
<em>Being the resale of treasury stock below the cost</em>
2. Balance Sheet as at December 31, 2018
$'million
Equity
Common stock, 230 ,illion shares at $1 230
Paid-in-excess capital of par 1,830
Retained Earnings ( 1,400 - 1 -1,399) <u> -</u>
2,060
Treasury Stock <u> (22)</u>
Total Equity <u> 2,038</u>
Explanation:
