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 $240

Paid-in capitalexcess of par 1,680

Paid-in capitalretired stock 10

Retained earnings 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 $7 per share.

2. On July 9, 2020, the corporation sold 4 million shares at $10 per share.

3. On November 14, 2020, the corporation issued 2 million 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.