The December 31, 2019 shareholders' equity section of Refozar Corporation's statement of financial position is as follows:

Refozar Corporation

Partial Statement of Financial Position

December 31, 2019

Shareholders' Equity

Share Capital

Ordinary Shares, P4 par, 200,000 shares authorized,

150,000 shares issued and outstanding

P600,000

Share Premium

375,000

Total Share Capital

P975,000

Retained Earnings

365,000

Total Shareholders' Equity

P1,340,000

Required:

Prepare the journal entries to record the following transactions that took place during January 2020:

Jan. 4 Purchased 24,000 shares of its own Refozar's stock for P168,000.

10 Sold 4,000 shares of the treasury stock for P9 per share.

29 Sold 14,000 shares of the treasury stock for P6 per share.

31 Sold the remaining 6,000 shares of treasury stock for P7 per share.