stock. In its first year, the company has the following stock transactions. Jan. 10 Issued 400,000 shares of stock at $8 per share. Sept. 1 Purchased 10,000 shares of common stock for the treasury at...

stock. In its first year, the company has the following stock transactions. Jan. 10 Issued 400,000 shares of stock at $8 per share. Sept. 1 Purchased 10,000 shares of common stock for the treasury at $9 per share. Dec. 24 Declared a cash dividend of 20 cents per share on common stock outstanding. Instructions: (a) Journalize the transactions. (15 points) (b) Prepare the stockholders’ equity section of the balance sheet, assuming the company had retained earnings of $160,500 at December 31. (15