Recording Treasury Stock Transactions

On January 2, Liberty Corporation was authorized to issue 280,000 shares of $5 par value common stock. Liberty issued 56,000 shares of common stock on January 15 at $15 per share.

Required

a. Record the entry on June 30 for purchase of 6,160 common shares for the treasury at $18 per share. b. Record the entry on September 20 for sale of 2,240 treasury shares at $21 per share. c. Record the entry on November 3 for sale of 1,400 treasury shares at $17 per share. d. Record the entry on December 15 for sale of 1,120 treasury shares at $13 per share.

e. Determine the number of shares issued and the number of shares outstanding on the following dates (after transactions have been recorded): June 30; September 20; November 3; and December 15.

	Issued	Outstanding
	Shares	Shares
1. June 30.	Answer	Answer
2. Sept. 20.	Answer	Answer
3. Nov. 3.	Answer	Answer
3. Dec. 15.	Answer	Answer