Part B During 2018, the Nicklaus Corporation participated in three treasury stock transactions:

1. On June 30, 2018, the corporation reacquires 150,000 shares for the treasury at a price of $14 per share.
2. On July 31, 2018, 25,000 treasury shares are reissued at $17 per share.
3. On September 30, 2018, 25,000 treasury shares are reissued at $12 per share.

Required: 1. Prepare journal entries to record these transactions. 2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2018. (Assume net income for the second and third quarter was $2,750,000.)