III Treasury Stock Parsons Inc. began operations on January 1, 2020. Parsons is authorized to issue 800,000 shares of $5 par common stock. Parsons had $600,000 of Retained Earnings on December 31, 2020, the end of its first year of operations. The following transactions occurred during 2020 and 2021. 1/01/20 Issued 400,000 shares of $5 par common stock for $30 per share. 4/01/21 Reacquired (purchased) 20,000 shares as treasury stock for $40 per share. 8/01/21 Resold 5,000 shares of the treasury stock for $38 per share. 9/01/21 Resold 6,000 shares of the treasure stock for $41 per share.