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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 $150,000. 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 $15 per share. June 25: Sold 3,000 treasury shares for cash at $11 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