15 (4.5 Grades) On January 1, 2021, the stockholders' equity section of Seef Inc was as follows Common stock ($10 par value) $400,000, paid in (contributed) capital in excess of par value $200,000, and retained earnings $150,000. During the year, the following treasury stock transactions occured March 5: Purchased 5,000 shares for cash at $28 per share April 25: Sold 2,000 treasury shares for cash at $30 per share. June 25 Sold 3,000 treasury shares for cash at $22 per share Required: Prepare journal entries to record the above treasury stock transactions CLEARLY INDICATE THE DEBITS & CREDITS Example XYZ Company pays $10,000 cash to purchase land Answer Dr Land 10,000 Cr. Cash 10,000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) B IUS Paragraph Arial v 10pt Ev Ev ALI XO 250