(Treasury Stock Transactions and Presentation) Andruw Jones Company had the following stockholders’ equity as of January 1, 2007.

During 2007, the following transactions occurred.
Feb. 1 Jones repurchased 2,000 shares of treasury stock at a price of $18 per share.
Mar. 1 800 shares of treasury stock repurchased above were reissued at $17 per share.
Mar. 18 500 shares of treasury stock repurchased above were reissued at $14 per share.
Apr. 22 600 shares of treasury stock repurchased above were reissued at $20 per share.
Instructions

(a) Prepare the journal entries to record the treasury stock transactions in 2007, assuming Jones uses the cost method.

(b) Prepare the stockholders’ equity section as of April 30, 2007. Net income for the first 4 months of 2007 was $110,000.

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Common stock, $5 par value, 20,000 shares issued $100,000 Paid-in capital in excess of par 300,000 Retained earnings 320,000 Total stockholders' equity $720,000