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On January 2, 2020, Liberty Corporation was authorized to issue 120,000 shares of $5 par value common stock. Liberty issued 24,000 shares of common stock
On January 2, 2020, Liberty Corporation was authorized to issue 120,000 shares of $5 par value common stock. Liberty issued 24,000 shares of common stock on January 15, 2020, at $15 per share. Required a. Record the entry on June 30, 2020, for purchase of 2,640 common shares for the treasury at $18 per share, b. Record the entry on September 20, 2020, for sale of 950 treasury shares at $21 per share c. Record the entry on November 3, 2020, for sale of 600 treasury shares at $17 per share d. Record the entry on December 15, 2020, for sale of 480 treasury shares at $13 per share. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr June 20.2020 b. Sept. 20, 2020 C. Nov 3, 2020 . . d. Dec. 15. 2020 c. Determine the number of shares issued and the number of shares outstanding on the following dates (after transactions have been recorded): June 30, 2020: September 20, 2020; November 3, 2020; and December 15, 2020. Issued Outstanding Shares Shares 1. June 30, 2020 2. Sept. 20, 2020 3. Now, 2020 3. Dec. 15, 2020
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