Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Required: . Use your spreadsheet to recalculate the amounts related to the stock transactions and then prepare the elated journal entries: (If no entry is required for a particular transaction/event, select "No Journal Entr Required" In the first account fleld.) Journal entry worksheet Record the issuance of common shares at an issue price of $16 per share. Note: Enter debits before credits. evise your worksheet to reflect these updated assumptions and then answer the questions that follow. equired: - Use your spreadsheet to recalculate the amounts related to the stock transactions and then prepare the elated Journal entries: (If no entry is required for a particular transaction/event, select "No Journal Entry equired" In the first account fleld.) Journal entry worksheet Record the purchase of treasury shares for a purchase price of $40 per share. Note: Enter debits before credits. Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Required: 1. Use your spreadsheet to recalculate the amounts related to the stock transactions and then prepare the related journal entrles: (If no entry Is required for a particular transaction/event, select "No Journal Entr Required" In the first account fleld.) Journal entry worksheet Record the resale of treasury shares at a resale price of $44 per share. Note: Enter debits before credits. 2. Which of the following statements regarding treasury stock is false? Treasury stock is the purchase of a company's own issued stock. The Treasury Stock account is a contra equity account reported in the balance sheet. Treasury stock is recorded at the cost of the shares acquired. Upon the resale of treasury stock, the difference between its cost and the cash recelved is reported as a gain or loss on the Income statement. 3. Which of the following statements regarding common stock is false? When a company issues common stock there is an increase in assets and an increase in stockholders equity. A company credits Additional Paid-in Capltal for the portion of the cash proceeds above par value recelved for the issuance of stock. A company credits Common Stock for its par value at the time of issuance. The Additional Paid-In Capital account is a revenue account reported in the income statement