The shareholders' equity section of the balance sheet of White, Inc. included the following accounts at December 31, 2021:

Shareholders' Equity

$ in millions

Common stock, 22 million shares at $1 par

22

Paid-in capital - excess of par

132

Paid-in capital - share repurchase

1

Retained earnings

205

Required

a.

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

b.

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

1

On March 6, 2021, White reacquired 4 million shares of stock at $9 per share.

2

On September 3, 2021, the corporation sold 1 million shares at $11 per share.

3

On October 12, 2021, the corporation sold 2 million shares at $7 per share.