Practice problem 1 a) Strait Corp. sold 10,000 shares of $10 par value stock for $10 per share Account title and explanations Debit Credit b) On December 1, 2006, Strait Corp, sold 1,000 shares for $25 per share Account title and explanations Debit Credit c) On December 15, 2006, Strait Corp. sold 1,500 shares for $20 per share Account title and explanations Debit Credit d) Strait has 30,000 authorized shares. How many shares are unissued on December 31, 2006? c) How many shares are outstanding on December 31, 2006? ) Assume that the company reacquired 5,000 shares at the market value of $ 30 per share, how many shares are outstanding on December 30, 2006