Gannon Company acquired 6,000 shares of its own ordinary shares at 20 per share on February 5, 2018, and sold 3,000 of these shares at 27 per share on August 9, 2019. The fair value of Gannons ordinary shares was 24 per share at December 31, 2018, and 25 per share at December 31, 2019. The cost method is used to record treasury shares transactions.

Required:

a) Prepare the journal entries for the above transactions

b) What account(s) should Gannon credit in 2019 to record the sale of 3,000 shares?