Treasury stock.

Fashion Sent Corporation's partial balance sheet is below:

Capital stock outstanding, 5,000 shares, par $30 per share $150,000

Paid-in capital in excess of par 80,000

Retained earnings 100,000

These transactions occurred during the 2020 year:

(a) Purchased 400 shares of capital stock to be held as treasury stock, paying $60 per share.

(b) Sold 300 of the shares of treasury stock at $65 per share.

Instructions: Use the cost method of accounting for treasury stock to prepare the journal entry for these transactions.