Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $2 par value, 80,000 shares authorized. During the first year, the following selected transactions were completed:
a. Sold 50,000 shares of common stock for cash at $50 per share.
b. Repurchased 2,000 shares at $52 per share.

Required:
1. Provide the journal entries required for the transactions in (a) and (b).
2. Prepare the stockholders’ equity section of the balance sheet at the end of the year. Assume retained earnings at the end of the year was $200,000.