The stockholders' equity accounts of Norman Inc. were as follows on January 1, 2023:

Common stock, $25 par value; authorized 500,000 shares; 

issued and outstanding 225,000 shares 

$ 5,625,000

Additional Paid-in Capital in Excess of Par

  2,475,000

Retained earnings

  4,000,000

Total Stockholders' Equity

$12,100,000

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During 2023 Norman engaged in the following stock transactions:

February 1:

Acquired 12,000 shares of the outstanding common stock at $34 per 

share.

April 1:

Sold 2,000 share that were held in the treasury at $40 per share.

May 1:

Sold 6,000 shares that were held in the treasury at $32 per share.

December 31: Retired the 4,000 remaining shares of the treasury stock when the market 

price of the common stock was $42 per share.

REQUIRED

Prepare the journal entries to record the transactions described above using 

(1) the cost method and (2) the par value method.

Feb. 1

April 1

May 1

December 31