Question - Furr Company has 100 million shares of $1 par common stock authorized. The transactions below caused changes in Furr's outstanding shares.
January 4, 2015: Repurchased and retired 1 million shares at $6 per share.
June 25, 2015: Repurchased and retired 2 million shares at $4 per share.
Prior to the transactions, Furr's shareholders' equity included the following:
Common stock, 80 million shares at $1: $80,000,000
Paid-in capital--excess of par: 150,000,000
Retained earnings: 110,000,000
Required: Record entries for the above transactions.