On January 1, 2021, the stockholders equity section of Salamon Corporation shows: Common stock ($7 par value) $1,400,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,700,000. During the year, the following treasury stock transactions occurred.

Mar. 1 Purchased 20,000 shares for cash at $20 per share.

July 1 Sold 6,000 treasury shares for cash at $26 per share.

Sept. 1 Sold 5,000 treasury shares for cash at $19 per share.

Instructions

(a) Journalize the treasury stock transactions.

(b) How many shares of treasury stock is the company still holding?

(c) What is the balance in the treasury stock account?

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