The equity section of a balance sheet at December 31, 2019, is presented below: 
On May 15, 2020, the company reacquired 1,000 shares of its common stock at $15 per share. Then on July 1, 2020, 500 shares of treasury stock were sold for $20 per share.
A)What journal entries will be required to record the May 15 and July 1 transactions?
B)How many shares of the company's stock are outstanding on July 1, 2020, immediately following the sale of the treasury stock?
Correct Answer:
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