(Effect of Treasury Stock Transactions on Financials) Regis One Company has outstanding 10,000 shares of $10 par common stock which had been issued at $42 per share. Paid-in Capital from Treasury Shares has a zero balance. Regis One then entered into the following transactions. Jan 1. Purchased 500 treasury shares at $45 per share. Jan 2. Purchased 500 treasury shares at $50 per share. Jan 3. Resold 200 of the treasury shares at $40 per share. Jan 4. Resold 400 of the treasure shares at $50 per share. Jan 5. Resold 200 of the treasury shares at $20 per share. Instruction: Prepare journal entries to record the transactions described above using the cost method and FIFO and this is the second one that I need help on: 2 (Dividends and Stockholders Equity Section) Focus Foot Company reported the following amounts in the stockholders equity section of its December 31, 2013, balance sheet. Preferred stock, 12%, $100 par (100,000 shares authorized, 25,000 shares issued) $2,500,000 Common stock, $1 par (1,000,000 shares authorized, 300,000 shares issued) 300,000 Additional paid-in capital 950,000 Retained earnings 1,365,000 Total $5,115,000 During 2014, Focus Foot took part in the following transactions concerning stockholders equity. 1. Paid the annual 2013 dividend on preferred stock and a $0.50 per share dividend on common stock. These dividends had been declared on December 31, 2013. 2. Purchased 1,000 shares of its own outstanding common stock for $8 per share. Focus Foot uses the cost method. 3. Reissued 1,000 treasury shares for land with an appraised value of $9,500. Focus Foots common shares were trading for $8.50 per share. 4. Issued 50,000 shares of common stock at $9 per share. 5. Declared and recorded a 2:1 stock split on the outstanding common stock when the stock is selling for $10 per share. 6. Declared the annual 2014 dividend on preferred stock and the $0.50 per share dividend on common stock. These dividends are payable in 2015. Instructions (a) Prepare journal entries to record the transactions described above. (b) Prepare the December 31, 2014, stockholders equity section. Assume 2014 net income was $665,000