Acer Inc. issued 125,000 shares of $0.01 par value common stock for $15 per share on January 1, the day of its initial stock offering.

Required

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

Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero).

1. On March 30, the company reacquires and retires 2,500 shares of common stock at $13.50 per share.

2. On August 20, the company reacquires and retires 2,500 shares of common stock at $17.25 per share.

3. On December 1, the company issues 12,500 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).

	Issued	Outstanding
	Shares	Shares
1. March 30.	Answer	Answer
2. August 20.	Answer	Answer
3. December 1.	Answer	Answer