Answer:
Cash                  217,000
 Treasury Stock                 161,000
 Additional Paid-In in excess of par 56,000
to record issuance of 7,000 stock in treasury
Explanation:
When the stock are purchased, under cost method it will be recognize entirely against treasury stock, regardless of the amount paid by the shares. Then, we will recognize an additional paid-in when issued above par
treasury Stock 161,000
    Cash              161,000
tp record purchase of own shares
Cash                  217,000
 Treasury Stock                 161,000
 Additional Paid-In in excess of par 56,000
to record issuance of 7,000 stock in treasury
