b. Provide the journal entry for the purchase and immediate retirement of the 4,000 shares of outstanding common stock. Date Account Name Dec. 31 Common Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital-Retired Stock Retained Earnings Cash To record purchase and retirement of common stock. Dr. Cr. 40,000 0 1,200 0 1,500 0 7,300 0 0 50,000 c. Assume instead for part b that the company holds the 4,000 shares in the treasury rather than retiring immediately. Record the journal entry. Date Account Name Dec. 31 Treasury Stock Cash To record purchase of common stock. Dr. Cr. 50,000 0 0 50,000 d. Determine the change in stockholders' equity after part b and then again after part c. Note: Indicate a decrease with a negative sign. Part B Change in stockholders' equity $ (40,000) * $ Part C (50,000)