On January 1, 2020, Vera Clothing Inc. issued 5,000 shares of common stock, $5 par for $100,000. Related to this issuance, the company incurred legal and accounting fees of $2,500 and administrative fees of $2,500. On June 30, 2020, Vera Clothing Inc. reacquired 500 shares of common stock at $21 per share and immediately retired the shares. Prepare the journal entry required on June 30, 2020.

Preparing Entry for Direct Retirement of Reacquired Shares On January 1, 2020, Vera Clothing Inc. issued 5,000 shares of common stock, $5 par for $100,000. Related to this issuance, the company incurred legal and accounting fees of $2,500 and administrative fees of $2,500. On June 30, 2020, Vera Clothing Inc. reacquired 500 shares of common stock at $21 per share and immediately retired the shares. Prepare the journal entry required on June 30, 2020. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name June 30, 2020 Dr. Cr. 0 0 0 0 0 0 0 0