reseen an opportunity to report its treasury stock as an asset and to rocognze a proft in trading its own stock. The transactions were as follows 1. Reacquired 85 shares of its $10 pat common stock at $18 per share. The shares had onginaly been issued at $23 per share 2 Reacqured 160 shares of is $10 par commen stock at $23 per share. The shates had onginally been issued at 323 per share. 3. Reacquied 40 thares of it $100 par prelered stock at $137 per share. The shares had ongnally been issued at $17/ per share 4. Sold all common treasury shares held at $76 per share 5. Reacquired 155 shares of is $100 par preferred stock at $133 per share. The shares had onginaly been issued at \$177 per share. 6 Retured at prelerred shares held in the treasury Required: 1 Next Level is the corporaton correct m astumng that its treasury sock is an asset and that if can recognice a prohit or gain trom its treasur srock mansactions? Explain. 2. Next Level Prepare an anaysis of treasury stock accounting for Mr. Robert Rochter, the controllor Ths analyes should eontani proper poumal enties for each of the treasury stack transactions occuring during 2019 , prepared using the cast mochod dscussed in the chaptior. 3 Next Level Conclude the analyss by discussing how "gains" on weasary stock are reported and how treasury stock is reported on a corporation's balance sheet