Greeve Corporation had the following stockholders equity accounts on January 1, 1999: Common Stock ($1 par) $400,000, Paid-in Capital in Excess of Par Value $500,000, and Retained Earnings $100,000. In 1999, the company had the following treasury stock transactions. Mar. 1 Purchased 5,000 shares at $7 per share. June 1 Sold 1,000 shares at $10 per share. Sept. 1 Sold 2,000 shares at $9 per share. Dec. 1 Sold 1,000 shares at $6 per share.

Greeve Corporation uses the cost method of accounting for treasury stock. In 1999, the company reported net income of $50,000.

Instructions:

Journalize the treasury stock transactions