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$[[$Date$,$Account Name,,Dr$.,$Cr$.],[$March $30,$Common Stock,$v,55,],[$Paid$-$in Capital in Excess of Par$-$Common Stock,$v,82445,],[$Cash$,v,0,74250],[$Paid$-$in Capital$-$Retired Stock,$v,0,8250],[$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$[[$Date$,$Account Name,,Dr$.,$Cr$.],[$Aug$.20,$Common Stock,v$,55,],[$Paid$-$in Capital in Excess of Par$-$Common Stock,$v,82445,],[$Paid$-$in Capital$-$Retired Stock,v$,0,],[$Retained Earnings,$v,0,],[,v,0,],[$Cash$,v,0,],[$To record the re$-$purchase and retirement of stock.,$2,,]]$

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

$\backslash$table$[[$Date$,$Account Name,,Dr$.,$Cr$.],[$Dec$.1,$Cash,$v,467500,0],[,$Common Stock,$vv,0,275],[,$Paid$-$in Capital in Excess of Par$-$Common Stock,$vv,0,467225],[,$To record issuance of stock.,,,$]]$