Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for each of the following transactions: (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 entered as 10).) On January 7, 2021, Borner reacquired 2 million shares at $5 per share. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share. On July 25, 2022, Borner sold 3 million common shares at $6 per share.

Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for each of the following transactions: (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 entered as 10).)

1. On January 7, 2021, Borner reacquired 2 million shares at $5 per share.

Dr. Common Stock....(2 million x $1).................... ..........2

Dr. Paid In Capital (excess of Par)...(2 million x $4)....8

Cr. Treasury Stock ............(2 million x $5)................................10

Being re-acquisition of 2 million shares @ $5 per share

2. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share.

Dr. Common Stock .......(4 million shares x $1).........................4

Dr. Paid In Capital (excess of Par)......(4 million x $2.5)........10

Cr. Treasury Stock......................(4 million x $3.5).........................14

Being re-acquisition of 4 million shares @$3.50 per share

3.On July 25, 2022, Borner sold 3 million common shares at $6 per share.

Dr. Cash ....................(3 million shares x $6.....................18

Cr. Common Stock..............(3 million shares x $1)....................3

Cr. Paid In Capital (excess of par)...(3 million shares x $5)...15

Being issuance of 3 million common shares @ $6 per share