The equity section of Foley Corporation at December 31, 2010, included the following: 5% preference shares, $100 par value, cumulative, 10,000 shares authorized, 8,000 shares issued and outstanding $ 800,000 Ordinary shares, $10 par value, 250,000 shares authorized, 200,000 shares issued and outstanding $2,000,000 Dividends were not declared on the preference shares in 2010 and are in arrears. On September 15, 2011, the board of directors of Foley Corporation declared dividends on the preference shares for 2010 and 2011, to shareholders of record on October 1, 2011, payable on October 15, 2011. On November 1, 2011, the board of directors declared a $.75 per share dividend on the ordinary shares, payable November 30, 2011, to shareholders of record on November 15, 2011. Instructions Prepare the journal entries that should be made by Foley Corporation on the dates indicated below: September 15, 2011 November 1, 2011 October 1, 2011 November 15, 2011 October 15, 2011 November 30, 2011 Agler Corporation purchased 3,000 of its 5 par value ordinary shares for a cash price of 12 per share. Two months later, Agler sold the treasury shares for a cash price of 10 per share. Instructions Prepare the journal entry to record the sale of the treasury shares assuming (a) No balance in Share PremiumTreasury. (b) A 4,000 balance in Share PremiumTreasury