Swan Island Corporation had the following stockholders equity on November $30.$

On December $30,$ Swan Island Corporation purchased $100$ shares of treasury stock at $$8$ per share.

Requirement $1.$ Journalize the purchase of the treasury stock $($Record debits first, then credits. Sele the explanation on the last line of the journal entry table.

Stockholders' Equity

Requirements

Journalize the purchase of the treasury stock.

Prepare the stockholders' equity section of the balance sheet at December $31,2025.$ Assume the balance in retained earnings is unchanged from November $30.$

How many shares of common stock are outstanding after the purchase of treasury stock?