P5. The following information pertains to stock transactions of Hawk, Inc. during 2019.

On 1/11/2019, Hawk issued 1,000,000 shares of common stock for $110/share. Its par is $100/share.

On 7/1/2019, Hawk reacquired 150,000 shares of its common stock at $96/share.

On 7/15/2019, Hawk reacquired 80,000 shares of its common stock at $98/share.

On 8/1/2019, Hawk sold 90,000 shares of the treasury stock for $101/share.

On 11/1/2019, Hawk sold 120,000 shares of the stock reacquired for $90/share.

On 12/31/2019, Hawk retired the remaining 20,000 shares of the stock reacquired.

Instructions: Prepare any necessary journal entries for the above transactions using the FIFO flow

assumption and

• the cost method
• the par value method