After being in business for several years and issuing its common stock to the public, Liquidation World, Inc., completed the following treasury stock transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize these transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by joumalizing the purchase of the treasury stock. More Info Journal Entry Accounts Debit Credit a. Purchased 2,500 shares of the company's $2 par common stock as treasury stock, paying cash of $5 per share Sold 1,000 shares of the treasury stock for cash of $11 per share a. b. i Requirements 1. Journalize these transactions. Explanations are not required. 2. What kind of account is Treasury Stock? After completing the two transactions, how should Liquidation World, Inc., report the treasury stock on its balance sheet? Choose from any list or enter any number in the input fields and then click Check Answer Print Done parts Clear All