Recording Treasury Stock Transactions On January 2, 2020, Liberty Corporation was authorized to issue 140,000...
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Recording Treasury Stock Transactions On January 2, 2020, Liberty Corporation was authorized to issue 140,000 shares of $5 par value common stock. Liberty issued 28,000 shares of common stock on January 15, 2020, at $15 per share. Required a. Record the entry on June 30, 2020, for purchase of 3,080 common shares for the treasury at $18 per share. b. Record the entry on September 20, 2020, for sale of 1,120 treasury shares at $21 per share. c. Record the entry on November 3, 2020, for sale of 700 treasury shares at $17 per share. d. Record the entry on December 15, 2020, for sale of 560 treasury shares at $13 per share. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Cr. a. June 30, 2020 Dr. . b. Sept. 20, 2020 c. Nov. 3, 2020 d. Dec. 15, 2020 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. Issued Outstanding Shares Shares 1. June 30, 2020 2. Sept. 20, 2020 3. Nov. 3, 2020 3. Dec. 15, 2020 Check
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