Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock. C. Assume that Inland sold the remaining 1,000 shares of treasury stock at $18 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit a. Cash Common Stock Paid-in-Capital in Excess of Par Value - Common Stock Issued common stock. Cash 8 Percent Preferred Stock Paid-in-Capital in Excess of Par Value - Preferred Stock Issued preferred stock. Treasury Stock - Common 0 x Cash Acquired common stock. b. Cash Treasury Stock - Common Paid-in-Capital from Treasury Stock. Sold shares of treasury stock. Cash Paid-in-Capital from Treasury Stock OX Treasury Stock - Common 0 Sold shares of treasury stock.