Can you please help me solve this problem, without the help of AI. Kindly provide the explanation, so that I understand how to arrive to the answer and please provide the journal entries in a manner that is readable and ensure the journal entries balance and make sense.

I am providing the possible account names where you can choose from for the JEs. Do not ignore this. Also, note that the red x indicates the current answer in incorrect and the green checkmark indicates the current answer is correct.

Thank you.

Recording: Treasury Stock vs. Direct Stock Retirement On December 31, the records for Lakers Inc. provided the following data on stockholders' equity. - Common stock, $10 par, 30,000 shares issued: $300,000 Additional paid-in capital on common stock, $0.30 per share: $9,000 - Treasury stock, 4,800 shares (cost $9.80 per share): $47,040 On that date, the stockholders vote to retire all of the treasury stock immediately and to purchase for direct retirement another 6,400 shares of common stock currently trading at $12.50 per share. Required a. Provide the journal entry to retire the 4,800 shares of treasury stock. Date Account Name Dr. Cr. Dec. 31 Common Stock 18000 DV N/A O X Treasury Stock