The next 3 questions use the same information: (Transaction 1) the company purchases 10,000 shares of Treasury Stock for $40 per share; (Transaction 2) the company sells 5,000 shares of Treasury stock for $50 per share; and (Transaction 3 ) the company sells the remaining 5,000 shares of Treasury Stock for $20 per share. The journal entry to record Transaction #1 is: Debit Retained Earnings, Credit Cash Debit Treasury Stock, Credit Cash Debit Paid in Capital from Treasury Stock, Credit Cash Debit Cash, Credit Treasury Stock Question 17 4 pts Based on the following 3 transactions: (Transaction 1) the company purchases 10,000 shares of Treasury Stock for $40 per share; (Transaction 2) the company sells 5,000 shares of Treasury stock for $50 per share; and (Transaction 3 ) the company sells the remaining 5,000 shares of Treasury Stock for $20 per share. The journal entry to record Transaction #2 is: Debit Cash, Credit Retained Earnings Debit Treasury Stock, Credit Cash None of the other answers are correct Debit Cash, Credit Treasury Stock and Paid in Capital form Treasury Stock