On

January

3,

Morgan

Corporation purchased

2,100

shares of the company's

$4

par value common stock as treasury stock, paying cash of

$14

per share. On

January

30,

Morgan

sold

1,350

shares of the treasury stock for cash of

$18

per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Question content area bottom

Part 1

Journalize the purchase of the treasury stock.

Date	Accounts and Explanation	Debit	Credit
Jan. 3

Part 2

Journalize the sale of treasury stock shares.

Date	Accounts and Explanation	Debit	Credit
Jan. 30