The stockholders' equity accounts of Nijhum and Company Limited on January 1, 2021, were as follows. Preferred Stock (8%, Tk. 50 par, 10,000 shares authorized) Tk. 4,00,000 Common Stock (Tk. 1 stated value, 2,000,000 shares authorized) 10,00,000 Paid-in Capital in Excess of Par-Preferred Stock 1,00,000 Paid-in Capital in Excess of Stated Value - Common Stock 14, 50,000 Retained Earnings 18,00,000 During 2021, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for Tk. 125,000. Apr. 14 Purchased 6,000 shares of treasury stock-common for Tk. 30,000. Sept. 3 Issued 5,000 shares of common stock for a patent valued at Tk. 40,000. Oct. 5 Sold 2,000 shares of treasury stock - common for Tk. 15,000. Nov. 10 Sold 1,000 shares of common stock for the treasury at a cost of Tk. 2,000. Dec. 31 Determined that net income for the year was Tk. 5,00,000. No dividends were declared during the year. Required: a) Journalize the transactions and the closing entry for net income. b) Prepare a stockholders' equity section at December 31, 2021. c) "Treasury stock reduces stockholders equity." Do you agree? Explain briefly