repurchase program is designed to reduce the impact of share dilution from employee stock Issuances granted in $2022$ to attract, retain, and motivate key talent.

The par value per share for Reagan's common stock is $$0\mathrm{.}0000.$ Pald$-$in capital$-$excess of par is $$9\mathrm{.}08$ per share on average. The market price was $$20\mathrm{.}00.$

Required:

Suppose Reagan reacquires $4\mathrm{.}90$ million shares through repurchase on the open market at $$20\mathrm{.}00$ per share. Prepare the appropriate journal entry to record the purchase. Reagan considers the shares it buys back to be treasury stock

$2$ 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 $1$

Suppose Reagan reacquires $4\mathrm{.}90$ million shares through repurchase on the open market at $$20\mathrm{.}00$ 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 or event, select $"$No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions.

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Journal entry worksheet

A

Record the repurchase of shares accounted as treasury stock.

Note: Enter debits before credits.

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