Exercise $18-16($Algo$)$ Stock buyback; Reagan press announcement $[$LO$18-5]$

The following excerpt is from an article reported in an online issue of Bloomberg.

Reagan Motor Company $(R)$ said it will repurchase $$2\mathrm{.}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 $$0\mathrm{.}01.$ Paid$-$in capital$-$excess of par is $$5\mathrm{.}69$ per share on average. The

market price was $$17\mathrm{.}5.$

Required:

Suppose Reagan reacquires $115\mathrm{.}00$ million shares through repurchase on the open market at $$17\mathrm{.}50$ per share. Prepare the

appropriate journal entry to record the purchase. Reagan considers the shares it buys back to be treasury stock.

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 $1$

Required $2$

Suppose Reagan reacquires $115\mathrm{.}00$ million shares through repurchase on the open market at $$17\mathrm{.}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 $5\mathrm{.}50).$