Problem 3-Prepare journal entries and balance sheet for treasury stock transactions Peterson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, par value $4 per share, 160,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 100,000 shares of common stock for cash at $100 per share. b. Repurchased 2,000 shares from a stockholder for cash at $104 per share. Required
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