Please show all steps and explain the concepts if you can.

QUESTION 3 Partially corct Mark 27.00 out of 38.00 P Flag question Treasury Stock Inland Corporation issued 50,000 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 Inland sold 1,500 shares of the treasury stock at $28 per share. Prepare the general journal entry to record the sale of this treasury stock. C. Assume that Inland sold the remaining 500 shares of treasury stock at $20 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref Debit Credit Cash 1,050,000 Common stock 150,000 Paid-in capital in excess of par value Common stock 900,000 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 0 X Acquired shares of common stock