The shareholdersAc??c equity section of the balance sheet of TNL
Systems Inc. included the following accounts at December 31,
| Common stock, 350|
million shares at $1 par
capitalAc???excess of par
During 2013, TNL Systems reacquired shares of its common stock
and later sold shares in two separate transactions. Prepare the
entries for both the purchase and subsequent resale of the shares
assuming the shares are (a) retired and (b) viewed as treasury
stock. (If no entry is required for a particular
transaction, 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).)
|a.||On February 5, 2013,|
TNL Systems purchased 9 million shares at $12 per share.
|b.||On July 9, 2013, the|
corporation sold 3 million shares at $14 per share.
|c.||On November 14,|
2015, the corporation sold 3 million shares at $9 per share.
Prepare the shareholdersAc??c equity section of TNL SystemsAc??c balance
sheet at December 31, 2015, comparing the two approaches. Assume
all net income earned in 2013Ac??o2015 was distributed to shareholders
as cash dividends. (All lines in the table should be
filled. Enter your answers in millions (i.e., 10,000,000 should be
entered as 10).)
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