Treasury Stock Pomona Corporation issued 60,000 shares of $3 par value common stock at $21 per share and 9,000 shares of $30 par value, ten percent preferred stock at $85 per share. Later, the company purchased 2,000 shares of its own common stock at $23 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Pomona sold 1,500 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 Pomona sold the remaining 500 shares of treasury stock at $20 per share. Prepare the journal entry to record the sale of this treasury stock. Debit Credit General Journal Ref. Description Cash Common stock Paid-in capital in excess of par value - Common stock Issued shares of common stock. Cash 10% Preferred stock Paid-in capital in excess of par value - Preferred stock Issued shares of preferred stock. Treasury stock Cash Acquired shares of common stock. b. Cash Treasury stock Paid-in capital from treasury stock Sold shares of treasury stock. Cash Paid-in-capital from treasury stock Treasury stock Sold shares of treasury stock