HANDOUT 11-1 STOCK TRANSACTIONS T-accounts: Prepare the journal entries required to record the following transactions and then post them to the related Strait Corp. sold 10,000 shares of $1 par value stock for $25 per share on May 1. On December 1, Strait Corp. repurchased 1,000 shares of its stock on the market when it was trading for S16 per share. HANDOUT 11-1. CONTINUED On December 15, Strait Corp, sold 500 of the treasury shares for $30 cach. On December 30, Strait Corp. sold 500 of the treasury shares for $15 each