E13-8. Michaela Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000 It later resold 2,000 shares for $54 per share, then 2,000 more shares for $49 per share, and finally 1,000 shares for $40 per share. Instructions Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. 1/1/12 Teasury Stock (5,000 sh X $50/sh) 250,000.0 Cash 250,000.0 (To record purchase of 5,000 shares of treasury stock at sso per share) 1/2/12 Cash 101 Treasury Stock (2,000 sh X $50/sh) Paid In Capital from Treasury Stock (To record sale of 2,000 shares of treasury stock above cost) nola 1/3/12 Cash Paid In Capital from Treasury Stock Treasury Stock To record sale of 2,000 shares of treasury stock below cost) 1/4/12 Cash Paid in Capital from Treasury Stock Retained Earnings Treasury Stock (To record sale of 1,000 shares of treasury stock ar S40 per share) Journalire treasury stock transactions