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Problem #2 Current Liabilities Professor Ding-Bat subscribed to Guns & Weapons Magazine. He paid $240 for a yearly subscription in December 2019 for the upcoming year (2020). The Guns & Weapons magazine comes out monthly and describes how to buy or make guns and ammunition of all types. Professor Ding-Bat was interested in how to make a bazooka. The issues were considered collector items for those interest in guns and valued at $50 per issue. Required: Make entries for the company when Professor Ding-Bag subscribed to the magazine in December 2019 and for the first two months of his subscription (January and February 2020). Problem #3 Corporations Big & Little Ltd, was a public company that specialized in clothing. It had 450,000 shares of $1 par common stock outstanding. Due to economic circumstances the Board of Directors decided to buy back some of the outstanding stock and then resell it later in the year. The transactions that occurred were: January 1: Purchased 100,000 shares of common stock at $15 per share. February 1: Sold 10,000 shares of this stock at $16 per share. . March 1: Sold 10,000 shares of this stock at $10 per share. April 1: Retire the remaining shares of this stock. Original purchase price was $5 per share in 2018. Required: Record the entries for the above transactions