The Stockholders Equity category of Little Joes balance sheet on January 1, 2014, appeared as follows: Common stock, $5 par, 40,000 shares issued and outstanding $200,000 Additional paid-in capital 90,000 Retained earnings 100,000 Total stockholders equity $390,000 The following transactions occurred during 2014: a. Reacquired 5,000 shares of common stock at $20 per share on February 1. b. Reacquired 1,200 shares of common stock at $13 per share on March 1. Required 1. Record the entries in journal form. 2. Assume that the treasury stock was reissued on October 1 at $12 per share. Did the company benefit from the treasury stock reissuance? Where is the gain or loss presented on the fi- nancial statements? 3. What effect did the two transactions to purchase treasury stock and the later reissuance of that stock have on the Stockholders Equity section of the balance sheet?