Problem #7 Treasury Stock Weinstein's Hot Hot Dogs, Ltd. began 2016 with the following balances in stockholders' equity: Common stock (250,000 shares) PIC in excess of par Retained Earnings $ 1,250,000 $ 2,250,000 $ 1,250,000 The following transactions occurred during 2016: Jan 15 Re-acquired 40,000 shares of stock and placed them in treasury at a cost of $ 650,000 May 9 Re-issued 14,000 shares receiving $ 234,500 May 16 Re-issued 12,000 shares receiving $ 189,600 June 20 Re-issued 6,000 shares receiving $ 90,000 Dec 24 Retired remaining shares held in treasury Required: Record the above transactions using the "cost" method