Homework Help is Here – Start Your Trial Now!
Business
Accounting
Borner Communications’ articles of incorporation authorized the issuance of 140 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) Common stock, 125 million shares at $1 par $ 125 Paid-in capital – excess of par 375 Retained earnings 235   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:   On January 7, 2024, Borner reacquired 2 million shares at $7.50 per share. On August 23, 2024, Borner reacquired 4 million shares at $3.00 per share. On July 25, 2025, Borner sold 3 million common shares at $9 per share

Borner Communications’ articles of incorporation authorized the issuance of 140 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) Common stock, 125 million shares at $1 par $ 125 Paid-in capital – excess of par 375 Retained earnings 235   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:   On January 7, 2024, Borner reacquired 2 million shares at $7.50 per share. On August 23, 2024, Borner reacquired 4 million shares at $3.00 per share. On July 25, 2025, Borner sold 3 million common shares at $9 per share

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 9P: Comprehensive Young Corporation has been operating successfully for several years. It is authorized...
See similar textbooks
icon
Related questions
Question

Borner Communications’ articles of incorporation authorized the issuance of 140 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)
Common stock, 125 million shares at $1 par $ 125
Paid-in capital – excess of par 375
Retained earnings 235

 

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. On January 7, 2024, Borner reacquired 2 million shares at $7.50 per share.
  2. On August 23, 2024, Borner reacquired 4 million shares at $3.00 per share.
  3. On July 25, 2025, Borner sold 3 million common shares at $9 per share
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

SEE SOLUTION
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS