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.

Answer rating: 100% (QA)

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