Response to the following problem:
A corporation purchased for cash 5,000 shares of its own $10 par common stock at $34.00 a share. In the following year, it sold 2,000 of the treasury shares at $38 a share for each.
(a) Journalize the entries to record the purchase (treasury stock is recorded at cost)
(b) Journalize the entries to record the sale of the stock.