The balance sheet of Banc One Corp. at December 31, 2007, reported 500,000 shares of \(\$ 1\) par common stock authorized with 100,000 shares issued. Paid-In Capital in Excess of Par had a balance of \(\$ 300,000\). Retained Earnings had a balance of \(\$ 101,000\). During 2008 the company completed the following selected transactions:

Requirements 

1. Record the transactions in the general journal. Explanations are not required.

2. Prepare the stockholders' equity section of the balance sheet at December 31, 2008.

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Jan. 12 Purchased 10,000 shares of the treasury stock at $4 per share. (pp. 694-695) Sep. 28 Distributed a 10% stock dividend on the 90,000 shares of outstanding common stock. The market value of Banc One's common stock was $5 per share. (pp. 692-693) Dec. 31 Earned net income of $73,000 during the year. Closed net income to Retained Earnings. (pp. 643-644)