Treasury Stock

Coastal Corporation issued $25,000$ shares of $$14$ par value common stock at $$26$ per share and $6,000$ shares of $$59$ par value, eight percent preferred stock at $$85$ per share. Later, the company purchased $3,000$ shares of its own common stock at $$29$ per share.

a$.$ Prepare the journal entries to record the share issuances and the purchase of the common shares.

b$.$ Assume that Coastal sold $2,000$ shares of the treasury stock at $$33$ per share. Prepare the general journal entry to record the sale of this treasury stock.

c$.$ Assume that Coastal sold the remaining $1,000$ shares of treasury stock at $$23$ per share. Prepare the journal entry to record the sale of this treasury stock.