Case 1.b In 2022, the following are the equity transactions and the corresponding journal entries made. 1. On April 12, 2022, it was noted that Shipyard, Inc. purchased 4,000 its own common stock at $25 per share Apr 15 Treasury Shares Retained Earnings 2. On Jun 15, the company sold 2,500 shares for $30 per share. Apr 12 Cash Treasury Shares The table shows the equity balances as of December 31, 2022 100,000 100,000 75,000 75,000 Paid-in 2022 Common Stock capital in excess of Common stock dividend Treasury Retained Total Shares Earnings par distributable beginning Balance 1,130,000 300,000 120,000 0 850,000 2,400,000 Common Stock -75,000 75,000 0 acquisition Sold Treasury Stock 50,000 50,000 Ending Balance 1,130,000 300,000 120,000 -25,000 925,000 2,450,000 Requirement. (b) Evaluate whether the journal entries dated April 15, 2022 and June 12, 2022 are recorded in accordance with the recognition and measurement principles of treasury shares. (bl) If the journal entries are wrong, what will be the correct entries. (6 marks). (b2) Prepare the Stockholders' equity account balances. (7 marks)