In-class exercise 18-1 In 2025, Ajax, a new corporation, issues 20,000 shares of common stock, $1 par, at $20. In 2026, they reacquire 1,500 shares of common stock at $25 per share. Later in 2026 they sell 500 of those shares for $27 per share. In early 2027, they sell 600 shares for $23 per share. a. Record the journal entry for the issuance of stock in 2025 b. Assuming the repurchased shares are accounted for as treasury stock: 1. Record the journal entry for the stock repurchase in 2026; 2. Record the journal entry for the sale of 500 repurchased shares in 2026; 3. Record the journal entry for the sale of 600 repurchased shares in 2027; C. Assuming the repurchased stock are retired: 1. Record the journal entry for the stock repurchase in 2026; 2. Record the journal entry for the sale of 500 repurchased shares in 2026. ACCT 4050