2. Leung Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ( $1 par) $400,000, Paid-in Capital in Excess of Par Value $500,000 Retained Earnings $100,000. In 2022, the company had the following treasury stock transactions. Instructions: Journalize the treasury stock transactions, and prepare the closing entry at December 31,2022 , for net income. Mar. 1 Purchased 5,000 shares at $8 per share. June 1 Sold 1,000 shares at $10 per share. Sept. 1 Sold 2,000 shares at $9 per share. Dec. 1 Sold 1,000 shares at $5 per share. Leung Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $50,000