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Question 1 4.5 points Save Answer (4.5 Grades) On January 1, 2021, the stockholders equity section of Seef Inc. was as follows: Common stock ($10 par value) $400,000, paid-in (contributed) capital in excess of par value $200 000 and retained earnings S150.000. During the year, the following treasury stock transactions occurred. March 5 Purchased 5 000 shares for cash at $14 per share. April 25 Sold 2.000 treasury shares for cash at S15 per share. June 25 Sold 3.000 treasury shares for cash at S11 per share Required: Prepare journal entries to record the above treasury stock transactions CLEARLY INDICATE THE DEBITS & CREDITS Example XYZ Company pays $10 000 cash to purchase land Answer Dr Land 10.000 Cr Cash 10 000