In 2018, Borland Semiconductors entered into the transactions described below. In 2015, Borland had issued 175...

90.2K

Verified Solution

Question

Accounting

In 2018, Borland Semiconductors entered into the transactionsdescribed below. In 2015, Borland had issued 175 million shares ofits $1 par common stock at $30 per share.
Required: Assuming that Borland retires shares it reacquires,record the appropriate journal entry for each of the followingtransactions: (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 enteredas 10).)
On January 2, 2018, Borland reacquired 9 million shares at$28.00 per share.
On March 3, 2018, Borland reacquired 9 million shares at $33 pershare.
On August 13, 2018, Borland sold 1 million shares at $38 pershare.
On December 15, 2018, Borland sold 2 million shares at $33 pershare.

Answer & Explanation Solved by verified expert

4.0 Ratings (773 Votes)

Journal Entry for 2015 When 175 million shares issued Calculation Note Account Million Dr Million Cr Bank 525000 17530 Issue Price 3000 Common Stock 17500 1751 Par Value 100 Additional paidin capital common stock 507500 17529 2900 29 per share to be credited to additional paid in See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member