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).)

1.

                     TNL System Journal entries

Date                 Description                                 DR                 CR

                                                                         $'million           $'million

a. Feb 5               Treasury Stock                           66

                             Cash                                                                   55

                   Being the purchase of own shares

b.   July 9             Cash                                             26

                              Treasurt Stock                                                  22

                              Paid -in- Capital -share repurchase                 4

                      Being the resale of treasury stock

c. Nov 4             Cash                                                  16

                         Paid - in-capital- share repurchase    5

                         Retained earnings                                1                  

                          Treasury stock                                                       22

                  Being the resale of treasury stock  below the cost

2.                Balance Sheet as at December 31, 2018

                                                                                               $'million

                Equity

           Common stock, 230 ,illion shares at $1                             230

             Paid-in-excess capital of par                                           1,830

             Retained Earnings ( 1,400 - 1 -1,399)                                    -

                                                                                                        2,060

           Treasury Stock                                                                         (22)

             Total Equity                                                                         2,038

Explanation:

answerattainable;

this is all on your opinion. you choose what you want to do.