1. Erie Company has 300,000 shares of authorized and issued common stock, $2 par. Additional paid in capital for these shares amounts to $3,000,000. Record the following events:

Dr. Cr.

Mar 1, Purchased 15,000 shares of stock as treasury stock at $8 per share.

Apr 1, Resold 1,000 shares of treasury stock into the market at $12 per share.

May 1, Issued 5,000 treasury shares to employees at $7 per share, as part of an ESOP. That is, there is no compensation expense, as all employees could participate.