Write a response to the following scenario in about 300-400 words:Chen Inc. purc

Write a response to the following scenario in about 300-400 words: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(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(d)Total stockholders equity?Format your response consistent with APA guidelines.