DE 14-7 Jupiter Drilling Company's stockholders' equity (before the purchase of treasury stock) appears on page 546. Suppose Jupiter later purchases 600 shares of its common stock as treasury stock, paying cash of $5 per share. 1. Journalize the purchase of treasury stock. 2. Prepare the stockholders' equity section of Jupiter's balance sheet immediately after the purchase of treasury stock. 3. What effect does the purchase of treasury stock always have on total stockholders equity? How did Jupiter's purchase of treasury stock affect the company's total stock- holders equity? Give the amount.