The shareholders' equity section of the balance sheet of Liberty Corporation included the following accounts at December 31, 2019: Shareholders' Equity ($ in millions) Common stock, 240 million shares at $1 par Paid-in capital-excess of par Paid-in capital --retired stock Retained earnings $240 1,680 18 1,100 During 2020, Liberty Corporation entered the following capital stock transactions: 1. On February 5, 2020, Liberty Corporation purchased and directly retired 5 million shares at $10 per share. 2. On July 9, 2020, the corporation purchased 4 million shares for treasury shares at $12 per share. 3. On November 14, 2020, the corporation issued 1 million new shares at $11 per share in exchange for equipment whose market value is unknown. Required: Prepare journal entries to record the transactions on the above dates. Note: You may create a table as follows to organize your journal entries. Date Account titles Debit Credit 1 Cash 10,000 Sales Revenue 10,000