Recording the purchase of Treasury Stock 1) Record the purchase of 100 shares at $90 per share (=$9,000) Debit Credit Recording the sale of Treasury Stock 2) Record the sale of 50 shares of Treasury Stock at $100 per share (=$5,000) Debit Credit Assets Liabilities Equity Revenue Expense Cash Accts Payable Common Stock ($10 Par) Sales Revenue Cost Of Goods Sold 12,000 10,000 50,000 10,00 100,000 10,000 Common Stock Paid-In Capital In Excess of Par 2,000 40,000 90,000 Accts Receivable Wages Payable Preferred Stock ($100 par) Wages Expense Preferred Stock Paid-In Capital Inventory Dividends Payable In Excess of Par Rent Expense Capital Asset L/T Note Payable Treasury Stock Deprec Expense Paid-In Capital from Acc Deprec Sale of Treasury Stock Retained Earnings Common Stk Dividends Preferred Dividends Income Summary 25,000