Cola Corporation issued its financial statements for the year ended December 31, 2014, on February 25, 2015. The following events took place early in 2015. i. On January 28, the company purchased 50,000 shares of its $1 par value common stock for $23 per share. ii. On February 15, Cola determined after negotiations with the other party in a lawsuit that Cola should pay $500,000. At December 31, 2014, a litigation libbility had been recorded for $200,000. Indicate what needs to be done for the two transactions stated above. If any journal entries need to be prepared, do so in proper form with explanations and computations