Issuing and Repurchasing Stock Mohawk Company had the following transactions related to its common and preferred stock: March 22 Sold 180,000 shares of $1 par common stock for $33 per share. Sold 1.500 shares of $5 par preferred stock at $11 per share. Repurchased 25,000 shares of the common stock at $35 per share. November 9 Required: Prepare the journal entries for these transactions Mar 22 Cash Common Stock Additional Paid In Capital-Common Stock Preferred Stock Additional Paid-In Capital-Preferred Stock (Record sale of preferred and common stock) Nov.9 Treasury Stock Cash (Record purchase of treasury shares) Feedback Check My Work When purchasing its own previously issued stock, corporations record a reduction to stockholders' equity for the purchase amount of the treasury stock