Treasury Stock (Alternate is 10-64.) Minnesota Mining and Manufacturing Company (3) presented the follow- ing data in its 2002 annual report: December 31 2002 2001 (in millions) Stockholders' equity Common stock $.01 per share $ 5 $ 5 Capital in excess of par 291 291 Retained earnings Treasury stock Other 12,748 11,914 (4,767) Stockholders' equity, net $ 5,993 (2,284) (4,633) (1,491) $ 6,086 1. During 2002, 3M reacquired 7.9 million treasury shares for $942 million. Give the journal entry to record this transaction. 2. 3M also issued some treasury shares as part of their employee stock option and investment plans. What was the cost of treasury shares issued in 2002? 3. Suppose that on January 1, 2003, 3M used cash to reacquire 100,000 shares for $65 each and held them in the treasury. Prepare the stockholders' equity section after the acquisition of treasury stock. Also prepare the journal entry. 4. Suppose the 100,000 shares of treasury stock are sold for $90 per share. Prepare the journal entry. 5. Suppose the 100,000 shares of treasury stock are sold for $50 per share. Prepare the journal entry.