Treasury shares On December 31, 2019, James Ltd.'s statement of financial position reported the following: Common shares, no par value, 5,000 shares outstanding $115,000 Retained earnings 200,000 The following transactions occurred during 2020: 1. Purchased 140 common shares at $30 per share, to be held as treasury shares 2. Sold 120 treasury shares at $32 per share 3. Retired the remaining treasury shares Instructions Prepare journal entries for these transactions