July 1 Cash 240,000 Common Stock 240,000 (Issued 15,000 shares of no-par common stock, stated value $10 per share) 32,000 Sept. 1 Common Stock Retained Earnings 4,000 Cash 36,000 (Purchased 2,000 shares issued on July 1 for the treasury at $18 per share) Cash 20,000 Dec. 1 Common Stock 16,000 Gain on of Stock 4,000 (Sold 1,000 shares of the treasury stock at $20 per share) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Credit ac entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Date July 1 Cash 240000 Common Stock 150000 Paid-in Capital in Excess of Par-Common Stock 90000 Sept. 1 36000 Treasury Stock Cash 36000 Dec. 1 Cash 20000 Common Stock 18000 Gain on Sale of Stock 2000 he amount is entered. Do not ndent manually, Record iournal entries in the order arecented in the problem entry.) (Credit account titles are automatically indented when Date Account Titles and Explanation Debit Credit Dec. 1 Open Show Work Show Work for this question: Click if you would like