Borner Communications' articles of incorporation authorized the issuance of 125 million common shares. The transactions described...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Borner Communications' articles of incorporation authorized the issuance of 125 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: ($ in millions) $105 Shareholders' Equity Common stock, 105 million shares at $1 par Paid-in capital - excess of par Retained earnings 315 295 Required: 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: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1. On January 7, 2021, Borner reacquired 4 million shares at $5.00 per share. 2. On August 23, 2021, Borner reacquired 6 million shares at $3.50 per share. 3. On July 25, 2022, Borner sold 5 million common shares at per share. View transaction list > 1 Record the reacquisition of 4 million shares by Borner. 2 Record the reacquisition of 6 million shares by Borner. 3 Record the sale of 5 million common shares. Credit :X: Borner Communications' articles of incorporation authorized the issuance of 125 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: ($ in millions) $105 Shareholders' Equity Common stock, 105 million shares at $1 par Paid-in capital - excess of par Retained earnings 315 295 Required: 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: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1. On January 7, 2021, Borner reacquired 4 million shares at $5.00 per share. 2. On August 23, 2021, Borner reacquired 6 million shares at $3.50 per share. 3. On July 25, 2022, Borner sold 5 million common shares at per share. View transaction list > 1 Record the reacquisition of 4 million shares by Borner. 2 Record the reacquisition of 6 million shares by Borner. 3 Record the sale of 5 million common shares. Credit :X:
Expert Answer:
Answer rating: 100% (QA)
Answer General Journal Debit million Credit million January 7 202... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
Posted Date:
Students also viewed these accounting questions
-
Borner Communications articles of incorporation authorized the issuance of 130 million common shares. The transactions described below effected changes in Borners outstanding shares. Prior to the...
-
Borner Communications' articles of incorporation authorized the issuance of 130 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the...
-
Borner Communications' articles of incorporation authorized the issuance of 130 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the...
-
The P04_18.xlsx file contains a single-table Data Model on a companys sales and a single blank worksheet. The goal is to create a pivot table that shows the ratio of average revenue per transaction...
-
An airplane flies horizontally above the flat surface of a desert at an altitude of 5.00 km and a speed of 1000. km/h. If the airplane is to drop a bomb that is supposed to hit a target on the...
-
A population is modeled by the differential equation dP/dt = 1.2P(1 - P/4200) (a) For what values of P is the population increasing? (b) For what values of P is the population decreasing?
-
Ron Chambers arrives at work early on Friday morning. His anxiety has been growing throughout his final week of training with Mid-Town Office Products. Today Ron is going to work with his sales...
-
Explain the difference between a private-purpose trust and a public-purpose trust. How does the reporting for the two types of trusts differ?
-
Riverbed Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations Explanation Units Unit Cost/Price Date Total Cost Balance in Units...
-
Preparing Closing Journal Entries The following selected accounts appear in The GAP Inc.'s financial statements for the fiscal year ended February 2, 2019. $ millions Debit Sales Credit $16,580 Cost...
-
Cigarettes have been used as money in exceptional circumstances. What is the most likely reason why they are not acceptable as money under normal circumstances?
-
(d) An undercomplete auto-encoder (AE) is trained on the MNIST dataset. The latent dimension is 2. The user plots the 10 clusters with 10 different colors in the latent space 2 = (z[0], z[1]). The...
-
Program description: Program to display a pattern. */ 1. #include 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. int main(void) { int n; }...
-
Question 10: Wait, ANY reporter I want!? How about Clark Kent? Note: If the pictures of the set blocks below are not rendering correctly, don't worry, they are just setting NUMBERS to a list of three...
-
483544.3609540.qx3zqy7 Jump to level 1 Use the input and table to execute. Input: baaaaa q0 q1 q2 q3 a Check (q3, b, L) (q3, b, R) (q0, a, R) (q1, a, L) First 6 characters of the tape after step 2:...
-
5. (12 points) Design PDAs for the following languages. For cach language, you are asked to first give an informal description of your PDA and then give the state diagram.
-
You work for a nuclear research laboratory that is contemplating leasing a diagnostic scanner (leasing is a very common practice with expensive, high-tech equipment). The scanner costs $7,410,000,...
-
Evaluate the integral, if it exists. Jo y(y + 1) dy
-
You recently joined the auditing staff of Best, Best, and Krug, CPAs. You have been assigned to the audit of Clearview, Inc., and have been asked by the audit senior to examine the balance sheet...
-
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, constraint, or accounting principle that is...
-
On July 1, 2013, Farm Fresh Industries purchased a specialized delivery truck for $126,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of...
-
20 East 67th Street Associates LLC (Landlord) is the owner of a seven-story residential property located at 20 East 67th Street in Manhattan, New York (the Property). On January 2, 2019, Emily Jerome...
-
A landlord appeals and a tenant cross-appeals a district court ruling affirming in part and reversing in part a small claims court decision in a residential landlordtenant dispute. This is a case...
-
Norman Eastwood owns and lives in a single-family home with his wife (the Property). The Property is located in the Willow Bend Lakes Community in Plano, Texas. The Willow Bend Lakes Community is...
Study smarter with the SolutionInn App