Waterway Corporation purchased $3,900$ shares of its $$5$ par value common stock for a cash price of $$10$ per share. Two months later, Waterway sold the treasury stock for a cash price of $$8$ per share.

Prepare the journal entry to record the sale of the treasury stock assuming $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indient manually.$)$

$($a$)$ No balance in Paid$-$in Capital from Treasury Stock.

$($b$)$ A $$4,500$ balance in Paid$-$in Capital from Treasury Stock.