QUESTION 9 Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Long acquired 16,000 shares of its own common stock at $15 per share. Three months later Long sold 8,000 of these shares at $19 per share. Long Co. uses the cost method to record treasury stock transactions Prepare a journal entry when Long Co. (1) issued the stock (2) Acquired the stock, (3) sold the 8,000 shares of the same stock acquired