Apple designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. Apple employs over 135,000 people in the United States. A recent statement of cash flows contained the following information (in millions):

Required:
1. Prepare the journal entry to record the repurchase of common stock in Year 3.
2. Assume that Apple resold some of the treasury stock. The shares were originally purchased for $9 million and were resold for $10 million. Prepare the journal entry to record the sale of the treasury shares.

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Cash flows from financing activities: Repurchases of common stock Year 3 (66,897) Year 2 (72,738) Year 1 (32,900)