Boley Corporation reports the following information in its January 1, 2011, balance sheet:

During 2011, Boley was affected by the following accounting events:
1. Purchased 1,000 shares of treasury stock at \(\$ 18\) per share.
2. Reissued 600 shares of treasury stock at \(\$ 20\) per share.
3. Earned \(\$ 64,000\) of cash revenues.
4. Paid \(\$ 38,000\) of cash operating expenses.
Required
a. Provide journal entries to record these transactions.
b. Prepare the stockholders' equity section of the year-end balance sheet.

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Stockholders' equity Common stock, $10 par value, 50,000 shares authorized, 30,000 shares issued and outstanding Paid-in capital in excess of par value Retained earnings Total stockholders' equity $300,000 150,000 100,000 $550,000