subject
Business, 08.04.2020 02:32 student0724

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2015:

Shareholders' Equity ($ in millions)
Common stock, 230 million shares at $1 par $ 230
Paid-in capital—excess of par 1,840
Paid-in capital—share repurchase 1
Retained earnings 1,400

Required:

1.
During 2016, 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 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).)

a. On February 5, 2016, TNL Systems purchased 6 million shares at $11 per share.
b. On July 9, 2016, the corporation sold 2 million shares at $13 per share.
c. On November 14, 2018, the corporation sold 2 million shares at $8 per share.

2.
Prepare the shareholders’ equity section of TNL Systems’ balance sheet at December 31, 2018, comparing the two approaches. Assume all net income earned in 2016–2018 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).)

ansver
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 13:30, austinmiller3030
If the economy were in the contracting phase of the business cycle, how might that affect your ability to find work?
Answers: 2
image
Business, 22.06.2019 21:40, cutierosie5136
Which of the following distribution systems offers speed and reliability when emergency supplies are needed overseas? a. railroadsb. airfreightc. truckingd. pipelinese. waterways
Answers: 2
image
Business, 23.06.2019 00:30, jaydanicole22
Industrial engineers who specialize in ergonomics are concerned with designing workspace and devices operated by workers so as to achieve high productivity and comfort. a paper published in this research area reports on a study of preferred height for an experimental keyboard with large forearm-wrist support. a sample of 31 trained typists resulted in an average preferred height of 80.0 cm
Answers: 1
image
Business, 23.06.2019 07:00, kayla2945
Which (if any) of the following scenarios is the result of a natural monopoly? instructions: you may select more than one answer. a. patent holders of genetically modified seeds are permitted to sue farmers who save seeds from one planting season to the next. b. doctors in the united states are prohibited from practicing without a medical license. c. there is one train operator with service from baltimore to philadelphia. d. coal is used as the primary energy in a country with abundant coal deposits.
Answers: 1
You know the right answer?
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following acc...

Questions in other subjects:

Konu
Biology, 16.06.2021 14:00