In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 165...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 165 million shares of its $1 par common stock at $27 per share. Required: Assuming that Borland retires shares it reacquires, 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 2, 2021, Borland reacquired 12 million shares at $25.50 per share. 2. On March 3, 2021, Borland reacquired 12 million shares at $29 per share. 3. On August 13, 2021, Borland sold 1 million shares at $35 per share. 4. On December 15, 2021, Borland sold 2 million shares at $29 per share. View transaction list Journal entry worksheet 1 2 3 4 > Record the reacquisition of 12 million shares at $25.50 per share. View transaction list :X: > 1 Record the reacquisition of 12 million shares at $25.50 per share. Record the reacquisition of 12 million shares at $29 per share. 3 Record the sale of 1 million shares at $35 per share. 4 Record the sale of 2 million shares at $29 per share. Credit :X: In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 165 million shares of its $1 par common stock at $27 per share. Required: Assuming that Borland retires shares it reacquires, 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 2, 2021, Borland reacquired 12 million shares at $25.50 per share. 2. On March 3, 2021, Borland reacquired 12 million shares at $29 per share. 3. On August 13, 2021, Borland sold 1 million shares at $35 per share. 4. On December 15, 2021, Borland sold 2 million shares at $29 per share. View transaction list Journal entry worksheet 1 2 3 4 > Record the reacquisition of 12 million shares at $25.50 per share. View transaction list :X: > 1 Record the reacquisition of 12 million shares at $25.50 per share. Record the reacquisition of 12 million shares at $29 per share. 3 Record the sale of 1 million shares at $35 per share. 4 Record the sale of 2 million shares at $29 per share. Credit :X:
Expert Answer:
Answer rating: 100% (QA)
Answer Date Account Titles Debit Credit Jan02 Common Stock 1200 Paid in capital in excess of par va... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
Posted Date:
Students also viewed these accounting questions
-
In 2018, Borland Semiconductors entered into the transactions described below. In 2015, Borland had issued 170 million shares of its $1 par common stock at $34 per share. Required: Assuming that...
-
In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 170 million shares of its $1 par common stock at $34 per share. Required: Assuming that...
-
Modern liability management has resulted in: A) increased sales of certificates of deposits to raise funds. B) increase the importance of deposits as a source of funds. C) reduced borrowing by banks...
-
Coffin Corporation appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and 2015....
-
Wanting to invite Juliet to his party, Romeo is throwing pebbles at her window with a launch angle of 37.0 from the horizontal. He is launching the pebble 7.00 m below her window and 10.0 m from the...
-
A direction field for the differential equation is y' = x cos y is shown.
-
You are calling on a very large company that has the potential to become your largest customer. How could your sales manager help you be successful in negotiations with this potential customer?
-
Consider each of the following independent cases. Required: 1. Hals Stunt Company is investing $120,000 in a project that will yield a uniform series of cash inflows over the next four years. If the...
-
3. The market share of Seattle Mills is $407 million. The claims on Seattle Mills are split between common stock and a 12% debt that has a face value of $350 million and that matures in five months....
-
1. What opportunities did Melissa identify, and how did she capitalize on those opportunities? 2. How did Melissas background help her identify and tackle the problems she discovered in the beauty...
-
Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. The company has a standard paraglider model, but also makes custom-designed paragliders. Management...
-
How To Write Proofs Your proof should: 1. Begin with a statement of the type of proof you're performing. 2. State any assumptions and beginning observations. 3. Lay out the steps clearly across...
-
Standardize the given mini-IEEE floating point numbers. Note: Include all digits for the significand, including leading 1's or 0's, as well as rightmost digits that extend past the mantissa that...
-
1. (12 points) Consider the following context-free grammar G and answer the following questions. S A1B A 0A | B B1 | (a) What are the variables, terminals, and the start variable of G? (b) For each...
-
E 11 22 A 13 D 12 20 13 10 40 14 B 1) Is the graph a complete graph? Explain your answer. 2) How many distinct Hamilton circuits are associated with this graph? 3) What Hamilton Circuit does the...
-
Draw EERD-A database is required for judiciary to keep record of law. The organization wants to keep record of prisoner and their cases information. The prisoner has the unique number name address...
-
How do emergent trends in digital transformation influence the design and implementation of organizational development initiatives, particularly in the context of leveraging artificial intelligence...
-
What is the difference between adsorption and absorption?
-
Briefly differentiate between the straight-line depreciation method and accelerated depreciation methods.
-
Every annual report of a public company includes an extensive discussion and analysis provided by the company's management. Specifically, which aspects of the company must this discussion address?...
-
SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Determine the carrying value of SLR?s inventory assuming...
-
2019. Peabody Energy Company and Arch Resources, Inc., are two titans in a now-dwindling industry. Peabody operates three mines in the Southern Powder River Basin (SPRB) in Wyoming, one of which is...
-
Beginning around 1915, Natural Products Refining Corporation (NPRC) operated a chemical plant in Jersey City, New Jersey, at which it turned chromite ore into chromium chemicals (primarily sodium...
-
When GTE Sylvania discovered it was losing market share to other television manufacturers, it developed a franchise plan that limited the number of retailers selling its product in each area....
Study smarter with the SolutionInn App