Problem Two

Beta, Inc., had the following stockholders' equity accounts as of December $31,2023$:

Common stock, $$10$ par, $1,000,000$ shares authorized, $200,000$ shares outstanding

Contributed capital in excess of par, common Retained earnings

$$2,000,000$

$400,000$

$1,600,000$

Prepare journal entries for the following transactions related to the company's stock:

March $1,2023.$ Purchased $5,000$ shares of treasury stock for $$12$ per share.

May $5,2023.$ Sold $1,000$ shares of treasury stock for $$13$ per share.