B The following excerpt is from an article reported in an online issue of Bloomberg. ok Reagan Motor Company (R) said it will repurchase $4.1 billion of its shares to reduce dilution from recent stock grants to executives. The par amount per share for Reagan's common stock is $0.01. Paid-in capital-excess of par is $7.69 per share on average. The market price was $27.5. Required: 1. Suppose Reagan reacquires 135.00 million shares through repurchase on the open market at $27.50 per share. Prepare the appropriate journal entry to record the purchase. Reagan considers the shares it buys back to be treasury stock. 2. Suppose Reagan considers the shares it buys back to be retired rather than treated as treasury stock. Prepare the appropriate journal entry to record the purchase. ces Complete this question by entering your answers in the tabs below. Require 1 Required 2 Suppose Reagan reacquires 135.00 million shares through repurchase on the open market at $27.50 per share. Prepare the appropriate journal entry to record the purchase. Reagan considers the shares it buys back to be treasury stock, 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 rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). View transaction list Show less & Check my work Chapter 18 Exercises without HINTS 3 Saved S points Port ferences The following excerpt is from an article reported in an online issue of Bloomberg. Reagan Motor Company (R) said it will repurchase $4.1 billion of its shares to reduce dilution from recent stock grants to executives The par amount per share for Reagan's common stock is $0.01. Paid-in capital-excess of par is $769 per share on average. The market price was $27.5. Required: 1. Suppose Reagan reacquires 135.00 million shares through repurchase on the open market at $27.50 per share. Prepare the appropriate journal entry to record the purchase. Reagan considers the shares it buys back to be treasury stock 2. Suppose Reagan considers the shares it buys back to be retired rather than treated as treasury stock. Prepare the appropriate journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Reqired 2 Suppose Reagan considers the shares it buys back to be retired rather than treated as treasury stock. Prepare the appropriate journal entry to record the purchase. 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 rounded to 2 decimal places (ie, 5,500,000 should be entered as 5.50), View transaction list Journal entry worksheet 1 > Show less Help Save & Exit Submit Check my work