Problem:
Present entries (journalize the transactions) to record the following:
1. Purchased 1000 shares of treasury stock at $13. The treasury stock is accounted for by the cost method
2. Sold 500 shares of treasury stock at $15
3. Purchased equipment for $75,000, paying $25,000 in cash and issuing 4000 shares of common stock for the equipment.
4. Sold 500 shares of treasury stock at $11