Austin Corporation purchased 300 shares of its own $20 par value common stock for $15,000. Later, these shares are sold for $16,000 cash. The journal entry to record the sale includes a:

Rational: the journal entry to record the purchase of 300 shares of $20 par value treasury stock:

Treasury Stock	Answer
Cash		Answer

The Journal entry to record the sales of 300 shares of treasury stock for $16,000:

Cash	Answer
Treasury stock		Answer
Paid-in Capital- Treasury stock		Answer