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(Solution Download) The shareholdersAc??c equity section of the balance sheet of TNL Systems Inc. included the follow


 

 

 

 

 

 

 

The shareholdersAc??c equity section of the balance sheet of TNL

 

Systems Inc. included the following accounts at December 31,

 

2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders'

 

Equity

($

 

in millions)

  Common stock, 350

 

million shares at $1 par

$350
  Paid-in

 

capitalAc???excess of par

3,150
  Paid-in

 

capitalAc???share repurchase

1
  Retained

 

earnings

2,500

 

 

 

 

 

 

 

 

Required:

 

 

 

 

 

 

 

 

1.

 

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.

 

 

          

 

 

 

 

 

 

 

 

 

 

 

 

2.

 

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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