The following transactions occurred during 2016: a. Reacquired 6,000 shares of common stock at $18 per share on July 1. b. Reacquired 1,200 shares of common stock at $16 per share on August 1. Required: 1. Record the entries in journal form. 2. Assume that the company resold the shares of treasury stock at $28 per share on October 1. Did the company benefit from the treasury stock transaction? If so, where is the gain presented on the balance sheet