Recording Treasury Stock Transactions

On January 2, 2020, Liberty Corporation was authorized to issue 300,000 shares of $5 par value common stock. Liberty issued 60,000 shares of common stock on January 15, 2020, at $15 per share.

Required

a. Record the entry on June 30, 2020, for purchase of 6,600 common shares for the treasury at $18 per share.

b. Record the entry on September 20, 2020, for sale of 2,400 treasury shares at $21 per share.

c. Record the entry on November 3, 2020, for sale of 1,500 treasury shares at $17 per share.

d. Record the entry on December 15, 2020, for sale of 1,200 treasury shares at $13 per share.

Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.

e. 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.