The Magic Flute Company provides the following information from the Stockholders' Equity section of the balance sheet: Common Stock, $1 par value, 200,000 shares issued and outstanding Additional Paid-in Capital in Excess of Par-Common Retained Earnings Total Stockholders' Equity Magic Flute had the following transactions related to treasury shares: 1-Jan Acquired 30,000 shares of its common stock in the open market for $12 per share 1-Mar Sold 5,000 treasury shares for $16 1-Apr Sold 5,000 treasury shares for $6 1-May Retired 5,000 treasury shares Prepare the necessary journal entries to record all treasury stock transactions. $200,000 1,400,000 1,520,000 $3,120,000 Answer: