Question 3: ABC Corporation's statement of financial position reported the following: Share capital-ordinary outstanding, 10,000 shares, par $60 per share Share premium-ordinary Retained earnings $600,000 200,000 150,000 The following transactions occurred this year: a) Purchased 240 ordinary shares of to be held as treasury shares, paying $120 per share. b) Sold 180 of the treasury shares at $130 per share. c) Sold the remaining treasury shares at $85 per share. Instructions: Prepare the journal entry for these transactions under the cost method of accounting for treasury shares