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Please answer thank you! 7. On February 1, United Delivery Services reports...

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Accounting

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7. On February 1, United Delivery Services reports Common Stock of $1 million, Paid-in Capital in Excess of Par- Common of $9 million and Retained Earnings of $10 million. On February 2, United Delivery Services reacquired 10,000 shares of its $10 par value common stock at $50 per share. On February 23, United Delivery Services sold 1,000 of the reacquired shares at $65 per share. On February 27, the remaining 9,000 shares were sold at $40 per share. Required: Prepare the journal entries necessary to record these transactions. Omit explanations

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