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Write a response to the following scenario: Chen Inc. purchases1000 shares of its own previously issued $5 per common stock for$12000. Assuming the shares are held in the treasury what effectdoes this transaction have on (a) net income (b) total assets (c)total paid-in capital and (d) total stockholders equity? Thetreasury stock purchased in the above question was resold by ChenInc. for $15000. What effect does this transaction have on (a) netincome (b) total assets (c) total paid-in capital and (d) totalstockholders equity? Format your response consistent with APAguidelines.