The stockholders' equity section of Walgreen Co.'s balance sheet at December 31, 2018, was as follows: Common stock --$10 par (authorized 1,000,000 shares, issued and outstanding 600,000 shares) $ 6,000,000 Paid-in capital in excess of par 1,500,000 Retained earnings 3,000,000 $10.500.000 Instructions Prepare journal entries showing how each is accounted for under the cost method. (Show computations.) 1. On January 4, 2019, having available cash, Walgreen. repurchased 20,000 shares of its out-standing stock for $800,000. 2. On March 4, Walgreen sold 5,000 of these reacquired shares at $50 per share. Show the proper disclosures in the stockholders' equity section of the balance sheet issued at the end of the first quarter, March 31, 2019. Assume net income of $400,000 during the first quarter. Common stock--$10 par (authorized 1,000,000 shares, issued and outstanding 605,000 shares) $ 6,050,000 Paid-in capital in excess of par 1,700,000 Retained earnings 3,400,000 $11,150,000 On June 30, 2019 the firm sold 10,000 of the reacquired shares for $30 per share