The following information pertains to Ming Corp. at January 1, Year 1:

Common stock, $10 par, 50,000 shares authorized,
3,000 shares issued and outstanding ................................$30,000
Paid-in capital in excess of par, common stock ..................12,000
Retained earnings ...................................................................46,000

Ming Corp. completed the following transactions during Year 1:
1. Issued 2,000 shares of $10 par common stock for $16 per share.
2. Repurchased 500 shares of its own common stock for $18 per share.
3. Resold 120 shares of treasury stock for $20 per share.

Required
a. How many shares of common stock were outstanding at the end of the period?
b. How many shares of common stock had been issued at the end of the period?
c. Organize the transactions data in accounts under the accounting equation.
d. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.