Question 2 Alfred Corporation's Balance Sheet reported the following for the year 2019: Capital stock outstanding, 10,000 shares, par $ 30 per share Paid-in capital in excess of par (premium) Retained earrings $ 300,000 $ 80,000 $ 100.000 The following transactions occurred this year: 1. Purchased 1,200 shares of capital stockto be held as treasury stock, paying $ 60 per share. 2- Sold 900 of the shares oftreasury stock at $ 65 per share. 3. Sold the remaining shares of treasury stock at $ 50 per share. Required (1) Prepare the joumal entry for these transactions under the cost method of accounting for treasury stock. (1) For what reasons might a corporation purchase its own stock? (Marks: 18+ 7 =25)