(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 occurred March 5: Purchased 5,000 shares for cash at $25 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 i Answer Dr. Land Cr. Cash 10,000 10,000 For the toolbar, press ALT+F10 (PC) or ALT FN+F10 (Mac)