7. On January 3, Spartan Corporation purchased 1,900 shares of the company's 54 par value common stock as treasury stock, paying cash of $7 per share. On January 30, Spartan sold 1,350 shares of the treasury stock for cash of $11 per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the purchase of the treasury stock. Date Accounts and Explanation Debit Credit Jan. 3 Journalize the sale of treasury stock shares. Date Accounts and Explanation Debit Credit Jan. 30