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  3. problem 3: share buybacks (12 pts) the shareholder

problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of...

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Accounting

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problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis Inc. at 12/31/2018: Shareholders' Equity Common stock, 200 million shares at $1 par In millions $200 Paid-in capital-excess of par 1.800 Paid-in capital-share repurchase 13 Retained Earnings 60,000 On March 11, 2019. Genesis purchased back 3 million shares at $14 per share. On July 29, 2019. Genesis sold 1 million shares at $15 per share Required: a. Prepare journal entries to record the above two transactions assuming Genesis retired shares (7 pts). b. Prepare journal entries to record the above two transactions assuming Genesis viewed the repurchased shares as treasury stocks (5 pts)

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