P11-7 Analyzing Treasury Stock Transactions [The following information applies to the questions displayed below.) Apple designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. Apple employs over 80,000 people in the United States. A recent statement of cash flows contained the following information (in millions): Year 3 Year 2 Year 1 Cash flows from financing activities: Repurchases of common stock (45,000) (22,860) 0 1. Prepare the journal entry to record the purchase of treasury stock in Year 3. (If no entry is required for a transaction/event, write "No journal entry required".) 2. Assume that Apple resold some of the treasury stock. The shares were originally purchased for $9 million and were resold for $10 million. Prepare the journal entry to record the sale of the treasury shares. (If no entry is required for a transaction/event, write "No journal entry required" .)