On January 1, 2023 Shandy Pup Corporation (SPC) reports Common Stock of $1,953,000, Paid-in Capital in Excess of Par--Common of $9,800,000 and Retained Earnings of $3,500,000. In February SPC reacquired 38,000 shares of its own $9 par value common stock at $57.50 per share. In April SPC sold 12,000 of the reacquired shares at $43.25 per share. In August SPC sold another 9,000 of the reacquired shares at $59.50 per share. The company still held reacquired shares on December 31, 2023 when the market price was at $46 per share.\ \ Required:\ \ 1) Prepare journal entries for the above transactions.\ \ 2) What will appear on SPC's 2023 income statement relating to the sale of the reacquired common stock?