Problem #9 Treasury Stock Transactions The Dec. 31, 2006 shareholders' equity section of Infante Corporation's statement of financial position is as follows: Infante Corporation Partial Statement of Financial Position December 31, 2006 Share Capital Shareholders' Equity Required: Ordinary Shares, P4 par, 200,000 shares authorized, 150,000 shares issued and outstanding Share Premium Total Share Capital Retained Earnings Total Shareholders' Equity P 600,000 375,000 P 975,000 365,000 P1,340,000 Prepare the journal entries to record the following transactions that took place during January 2007: Jan. 4 10 29 31 Purchased 24,000 shares of its own Infante's stock for P168,000. Sold 4,000 shares of the treasury stock for P9 per share. Sold 14,000 shares of the treasury stock for P6 per share. Sold the remaining 6,000 shares of treasury stock for P7 per share.