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On August 31, 2018, Firm A holds 180,000 shares of treasury stock. The carrying value is $9,000,000. On September 1, 2018, Firm A reissues 30,000

On August 31, 2018, Firm A holds 180,000 shares of treasury stock. The carrying value is $9,000,000. On September 1, 2018, Firm A reissues 30,000 shares at an average price of $55 per share.

What will be the balance in the treasury stock account after 30,000 shares have been reissued?

Show the journal entry to record the reissuance of the 30,000 shares.

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