On January 1,2020 , M. Jordan Corporation issued 20,000 shares of \(\$ 1\) par value common stock at \(\$ 50\) per share. On January 15, 2020, M. Jordan purchased 50 shares of its own common stock at \(\$ 55\) per share. On March 1, 2020,20 of the treasury shares were resold at \(\$ 58\). The balance in retained earnings was \(\$ 25,000\) prior to these transactions.

Required

a. Record the entry on January 1,2020 , for issuance of common stock. What is the impact on stockholders' equity of this transaction?

b. Record the entry on January 15, 2020, for purchase of common shares for the treasury. What is the impact on stockholders' equity of this transaction?

c. Record the entry on March 1,2020 , for sale of treasury shares at \(\$ 58\) per share. What is the impact on stockholders' equity of this transaction?

d. Provide the ending balances for each of the stockholders' equity accounts affected by these entries.

e. Assume that on March 30, 2020, all remaining treasury stock shares are retired. Provide the entry for retirement of treasury shares.