7. On January 3, Morgan Corporation purchased 2,350 shares of the company's $1 par value common stock as treasury stock, paying cash of $8 per share. On January 30, Morgan sold 1,400 shares of the treasury stock for cash of $9 per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) n Journalize the purchase of the treasury stock. Date Accounts and Explanation Debit Credit