On 7/1/21, ABC purchased 5,000 shares of its own stock from existing stockholders as treasury stock. The cost of the treasury stock was $10 per share, or $50,000 in total. The effects of this transaction are already shown in the unadjusted trial balance. On 12/31/21, ABC reissued 2,000 shares of the treasury stock at $15 per share. Record the journal entry required for the reissuance of the treasury stock. To refresh your memory, treasury stock is usually accounted for at cost. When treasury stock is reissued for more than its cost, a separate Paid-in Capital-Treasury Stock account should be used to account for the excess proceeds over cost. (See your Principles of Accounting textbook or Chapter 18 of your Intermediate Accounting textbook for a review.) On 12/31/21, ABC issued 20,000 shares of $1 par value common stock at the closing market price of $15 per share. Prepare ABC's journal entry to reflect the issuance of the stock on 12/31/21. To refresh your memory, a Paid-in Capital in Excess of Par account should be used to account for excess proceeds over par value in a stock issuance transaction. (See your Principles of Accounting textbook or Chapter 18 of your Intermediate Accounting textbook for a review.) ABC Corporation purchased 5,000 shares of XYZ Company common stock for $20.00 per share on 11/30/21. The investment represents a 5% voting interest and is classified as a trading security. At 12/31/21, the stock is trading at $25.00 per share. Prepare the appropriate adjusting journal entry for end-of-year valuation purposes. ABC Corporation Statement of Shareholders' Equity For the Year Ended December 31, 2021 PIC Commo Common Treasury n Stock Stock Stock Balance as of January 1, 2021 1/1, sold 125,000 shares of Common Stock, par $1 7/1, repurchased 5,000 shares at $10 each for Treasury Stock 12/31, 2,000 shares of Treasury stock resold for $15 each 12/31 issued 20,000 shares of Commn Stock par $1, for $15 each Net Income Less: Dividends Balance as of December 31, 2021 0 0 0 PIC Treasury Retained Stock Earnings 0 Total Shareholders 'Equity