Question $4$

$28$ points Please show all work to receive full credit.

The shareholders' equity section of the balance sheet of Buy n Large Corporation included the following accounts at December $31,2023$:

Shareholders' Equity $ in millions

Common stock, $17$ million shares at $$1$ par $17$

Paid$-$in capital $$ excess of par $306$

Paid$-$in capital $$ share repurchase $1\mathrm{.}5$

Retained earnings $585$

Required

a$.$ Using transactions $1-3$ below, prepare the entries for both the purchase and subsequent resale of shares, treated as retired stock.

b$.$ Using transactions $1-3$ below, prepare the entries for both the purchase and subsequent resale of shares, treated as treasury stock.

$1$ On March $23,2023,$ Buy n Large. reacquired $3\mathrm{.}5$ million shares of stock at $$21$ per share.

$2$ On June $2,2023,$ the corporation sold $2$ million shares at $$23$ per share.

$3$ On September $25,2023,$ the corporation sold $1$ million shares at $$15$ per share.

Note: All General Journal entries should be in proper format. Do not round general journal entries in millions.