College Book Sales, Inc., had the following stockholders' equity on November 30:

On December 19 the company purchased 1,000 shares of treasury stock at \(\$ 6\) per share. Journalize the purchase of the treasury stock, and prepare the stockholders' equity section of the balance sheet at December 31 .

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Stockholders' Equity Common stock, $5 par, 500,000 shares authorized, 50,000 shares issued $250,000 Paid-in capital in excess of par. 150,000 Retained earnings.. 220,000 Total stockholders' equity. $620,000