At December 31, 2018, Atlantic Corporation reported the stockholders’ equity accounts shown here (with dollar amounts in millions, except per-share amounts).

Common stock $3.00 par value per share,
21 million shares issued................................ $ 63
Paid-in capital in excess of par value ............. 32
Retained earnings........................................... 245
Treasury stock, at cost ................................... (20)
Total stockholders’ equity ........................... $320

Atlantic’s 2019 transactions included

a. Net income, $440 million

b. Issuance of 4 million shares of common stock for $14.00 per share

c. Purchase of 5 million shares of treasury stock for $60 million

d. Sold 2 million of the treasury shares purchased in part c for $28 million

e. Declaration and payment of cash dividends of $32 million

Requirements

1. Journalize Atlantic’s transactions in parts b, c, d, and e. Explanations are not required.

2. What was the overall effect of these transactions (parts a–e) on Atlantic’s stockholders’ equity?