Writea 300-400 word response to the following scenario:Original work onlyChen Inc. purchases 1000 shares of its own previously issued $5 per common stock for $12000. Assuming the shares are held in the treasury what effect does this transaction have on (a) net income (b) total assets (c) total paid-in capital and (d) total stockholders equity?The treasury stock purchased in the above question was resold by Chen Inc. for $15000. What effect does this transaction have on (a) net income (b) total assets (c) total paid-in capital and (d) total stockholders equity?Formatyour response consistent with APA guideline

  
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