ABC Corporation had the following Balance Sheet: Paid-in-Capital: Common Stock (($4-par, 200,000 shares authorized, 150,000 shares issued and outstanding) …………………….$ 600,000 Paid-in Capital in excess...

ABC Corporation had the following Balance Sheet:
            Paid-in-Capital:
Common Stock (($4-par, 200,000 shares authorized,
150,000 shares issued and outstanding) …………………….$ 600,000
Paid-in Capital in excess of par………………………………   375,000


            Earned Capital:
Retained Earnings…………………………………………….   365,000



Prepare journal entries to record the following transactions:

a.      Purchased 24,000 shares of its own stock for $168,000.

b.     Sold 4,000 shares of the Treasury stock for $9 per share.