Problem #3 (we will work on this in class but try to tackle it!) 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 transactions, Borner's shareholders' equity included the following: Shareholders' Equity ($ in millions) $100 300 210 Common stock, 100 milion shares at $1 par Paid-in capital-excess of par Retained earnings 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: 1. 2. 3. On January 7, 2018, Borner reacquired 2 million shares at $5 per share On August 23, 2018, Borner reacquired 4 million shares at $3.50 per share. On July 25, 2019, Borner sold 3 million common shares at $6 per share