Write a response to the following scenario: Chen 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? Format your response consistent with APA guidelines.