Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 780 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny sells 330 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 450 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. 2019 Feb. 1 Treasury Stock Cash (Record purchase of treasury shares) Mar. 1 Cash Preferred Stock - x 000 0000 000 0000 May 10 Additional Paid-In Capital - Treasury Stock (Record reissue of treasury shares) Cash Additional Paid-In Capital Treasury Stock Retained Eamings Treasury Stock (Record reissue of treasury shares) Check My Work When purchasing its own previously issued stock, corporations record a reduction to stockholders' equity for the purchase amount of the treasury stock. Feedback