Recording Common Stock Direct Retirement

Acer Inc. issued $275,000$ shares of $$0\mathrm{.}01$ par value common stock for $$15$ per share on January $1,$ the day of its initial stock offering. Required

a$.$ Record entries for the following subsequent transactions assuming that the company's policy is to directly retire any reacquired shares.

Note: If a line in a journal entry isn't required for the transaction, select $"$N$/$A$"$ as the account name and leave the Dr$.$ and Cr$.$ answers blank $($zero$).$

On March $30,$ the company reacquires and retires $5,500$ shares of common stock at $$13\mathrm{.}50$ per share.

$\backslash$table$[[\backslash$table$[[$Date$],[$March $30]],$Account Name,Dr$.,$Cr$.],[$Common Stock,,$0,0],[,$Paid$-$in Capital in Excess of Par$-$Preferred Stock,v$,0,0],[,$Cash,$vv,0,0],[,$Paid$-$in Capital$-$Treasury Stock,$vv,0,0],[,$To record the re$-$purchase and retirement of stock.,,,$]]$

On August $20,$ the company reacquires and retires $5,500$ shares of common stock at $$17\mathrm{.}25$ per share.

$\backslash$table$[[\backslash$table$[[$Date$],[$Aug$.20]],$Account Name,,Dr$.,$Cr$.],[,v,0,0],[,v,0,0],[,v,0,0],[$A$,$v$,0,0],[,v,0,0],[,v,0,0],[,$lase and retirement of stock.,,,$]]$

On December $1,$ the company issues $27,500$ shares of common stock at $$17,00$ per share.

$\backslash$table$[[$Date$,$Account Name,Dr$.,$Cr$.],[$Dec$.1,vv,0,0],[,vv,0,0],[,vv,0,0],[,,,]]$

b$.$ Determine the number of shares issued and the number of shares outstanding on the following dates $($after transactions have been recorded$).$