In 2020, Parker Corporation reacquired shares of its common stock and later sold shares in two separate transactions. Parker had the

following account balances at December 31, 2019:

Shareholders Equity

Common stock, 225,000 shares at $1 par

$ 225,000

Paid-in capital excess of par

1,800,000

Retained earnings

750,000

Required - Calculate the amounts and prepare the journal entries in good form and assuming both scenarios are separate and not related to each other.

Retired stock: Prepare the journal entries in good form for both the purchase and subsequent

Treasury stock: Prepare the entries for both the purchase and subsequent resale of shares,

resale of shares, treated as retired stock for the following entries:

treated as treasury stock for the following entreies:

February 3: Reacquired 80,000 shares of stock at $15 per share.

February 3: Reacquired 80,000 shares of stock at $15 per share.

March 14: Sold 14,000 shares at $20 per share.

March 14: Sold 14,000 shares at $20 per share.

May 12: Sold 40,000 shares at $9 per share.

May 12: Sold 40,000 shares at $9 per share.

Show calculations for each entry as necessary.

Show calculations for each entry as necessary.