Borner Communications articles of incorporation authorized the issuance of million common shares. The transactions described below effected changes in Borners outstanding shares. Prior to the transactions, Borners shareholders equity included the following:Shareholders Equity$ in millionsCommon stock, million shares at $ par$ Paidin capital excess of parRetained earningsRequired:Assuming that Borner Communications retires shares it reacquires restores their status to that of authorized but unissued shares record the appropriate journal entry for each of the following transactions:Note: If no entry is required for a transactionevent select No journal entry required\" in the first account field. Enter your answers in millions ie should be entered as On January Borner reacquired million shares at $ per share.On August Borner reacquired million shares at $ per share.On July Borner sold million common shares at $ per share.

Answer rating: 100% (QA)

To record the appropriate journal entry for each of the given transactions well consider the impact ... View the full answer