M4 Inc. issued 50,000 shares of \(\$ 0.01\) par value common stock for \(\$ 15\) per share on January 1,2020 , the day of its initial stock offering.

Required

a. Record entries for the following subsequent transactions assuming that the company's policy is to directly retire any reacquired shares.

1. On March 30, 2020, M4 Inc. reacquires and retires 1,000 shares of common stock at \(\$ 13.50\) per share.

2. On August 20, 2020, M4 Inc. reacquires and retires 1,000 shares of common stock at \(\$ 17.25\) per share.

3. On December 1,2020 , M4 Inc. issues 5,000 shares of common stock at \(\$ 17.00\) per share.

b. Determine the number of shares issued and the number of shares outstanding on the following dates (after transactions have been recorded).

1. March \(30,2020\).

2. August \(20,2020\).

3. December 1,2020 .