DE 14-8 Return to the Jupiter Drilling Company situation in Daily Exercise 14-7. After pur- chasing the 600 shares of treasury stock for $5 per share. Jupiter later sold 400 of the treasury shares for $12 per share. 1. Journalize the sale of treasury stock. 2. Prepare the stockholders' equity section of Jupiter's balance sheet immediately after the sale of treasury stock. 3. What effect does the sale of treasury stock always have on total stockholders' equity? How did Jupiter's sale of treasury stock affect the company's total stockholders' equity? Give the amount.