Example 3: Treasury stock, average cost assumption At Dec. 31, 2021, the balance sheet of Davin Co. included the following shareholders' equity accounts ($ in millions): Shareholders' Equity Common Stock ($ 1 par; authorized shares - 900 million; issued shares-40 million.) Paid in Capital-excess of par $40 1,960 8,700 Retained Earnings Davin views its share buybacks as treasury stock and uses the cost method. During 2022, Davin had the following transactions: Date Transaction 02/01/22 Issued 5 million common shares at $60 per share 03/01/22 Reacquired 3 million common shares at $40 per share as treasury stock 06/25/22 Reacquired 5 million common shares at $48 per share as treasury stock 12/01/22 Sold 3 million treasury shares at $46 per share Davin's journal entries on 2/1/22, 3/1/22, and 6/25/22 are properly journalized. Provide Davin's journal entry to record the 12/1/22 transaction assuming Davin uses the average-cost assumption.