Question 3 Needs Grading On October 10, the stockholders' equity section of Bears Company appears as follows. Common stock-$1 par value, 100,000 shares authorized, 50,000 issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 50,000 1,300,000 1,075,000 $ 2,475,000 Prepare journal entries to record the following transactions for Bears Company. 1. Purchased 7,500 shares of its own common stock at $30 per share on October 10. 2. Sold 1,500 treasury shares on November 1 for $32 cash per share. On Nov. 5, the directors declare a 2% stock dividend distributable on Nov. 30 to the Nov. 15 stockholders of record. The stock's market value is $35 per share on Nov. 5 before the stock dividend