3) Assumption: On July 01, XYZ Corporation purchased 3,000 shares of its $50 par value common stocks for $180,000 cash. It will hold the shares in the treasury until resold. On November 01 , the company sold 1,000 shares of treasury stocks for cash at $70 per share. Actions to take: 1. Prepare the Journal Entry to record the shares purchased on July. 2. Prepare the Journal Entry to record the shares sold on November