Part 3: Problem Solving (18 Marks) 1. Beta, Inc., had the following equity as of December 31 , Year 1 : Common shares, 1,000,000 shares authorized, $2,400,000 200,000 shares issued Retained earnings 1,600,000 The following transactions related to the company's shares took place during Year 2: Mar. 1 Purchased 10,000 treasury shares for $15 per share. May 5 Sold 1,000 treasury shares for $13 per share. Oct. 12 Sold 2,000 treasury shares for $16 per share. Prepare the journal entries to record the transactions. ( 6 marks)