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Exercise 18-16 (Algo) Stock buyback; ElectriCar Corp. press announcement (LO18-5) The following excerpt is from an article reported in an online issue of Bloomberg. ElectriCar Corp. said it will repurchase $4.0 billion of its shares to reduce dilution from recent stock grants to executives. The par amount per share for ElectriCar's common stock is $0.01. Paid-in capital-excess of par is $7.59 per share on average. The market price was $27.0. Required: 1. Suppose ElectriCar Corp. reacquires 134.00 million shares through repurchase on the open market at $27.00 per share. Prepare the appropriate journal entry to record the purchase. ElectriCar Corp. considers the shares it buys back to be treasury stock. 2. Suppose ElectriCar Corp. 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 Required 2 Suppose ElectriCar Corp. reacquires 134.00 million shares through repurchase on the open market at $27.00 per share. Prepare the appropriate journal entry to record the purchase. ElectriCar Corp. considers the shares it buys back to be treasury stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Show less View transaction list Journal entry worksheet

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