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Whyville Corporation obtained its charter from the state in January that authorized 500,000 shares of...

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Accounting

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Whyville Corporation obtained its charter from the state in January that authorized 500,000 shares of common stock, $1 par value. During the first year, the company earned $67,000 and declared no dividends; the following selected transactions occurred in the order given: a. Issued 290,000 shares of the common stock at $32 cash per share. b. Reacquired 5,900 shares at $33 cash per share to use as stock incentives for senior management. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Whyville Corporation obtained its charter from the state in January that authorized 500,000 shares of common stock, $1 par value. During the first year, the company earned $67,000 and declared no dividends; the following selected transactions occurred in the order given: a. Issued 290,000 shares of the common stock at $32 cash per share. b. Reacquired 5,900 shares at $33 cash per share to use as stock incentives for senior management. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a ninus sign.)

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