In 2019, Southwestern Corporation reacquired shares of its common stock and later sold shares in two separate transactions. Southwestern had the following account balances at December 31, 2018: Stockholders' Equity Common stock, 100,000 shares at $1 par, Paid-in capital - excess of par Retained earnings ....... $ 100,000 900,000 500,000 Required: a. On the following page, prepare the entries for both the purchase and subsequent resale of shares, treated as retired stock for the following entries: February 2: Reacquired 70,000 shares of stock at $12 per share. March 14: Sold 20,000 shares at $14 per share. May 12: Sold 25,000 shares at $8 per share. b. On the following page, prepare the entries for both the purchase and subsequent resale of shares, treated as treasury stock for the following entries: February 2: Reacquired 70,000 shares of stock at $12 per share. March 14: Sold 20,000 shares at $14 per share. May 12: Sold 25,000 shares at $8 per share