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ces w Check my wo Borner Communications' articles of incorporation authorized the issuance of 165 million common shares. The transaction described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equit included the following: Shareholders' Equity Common stock, 150 million 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: (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 7, 2021, Borner reacquired 2 million shares at $6.50 per share. 2. On August 23, 2021, Borner reacquired 4 million shares at $3.00 per share. 3. On July 25, 2022, Borner sold 3 million common shares at $8 per share. View transaction list Journal entry worksheet 1 2 ($ in millions) $150 450 260 3 Record the reacquisition of 2 million shares by Borner. 6 of 15 < Prev Next >