1) (Journal Entries!) World Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $410,000 of net income and the following selected transactions occurred in the order given:

a.	Issued 110,000 shares of the common stock at $56 cash per share.
b.	Reacquired 26,000 shares at $51 cash per share.
c.	Reissued 10,500 shares from treasury for $52 per share.
d.	Reissued 10,500 shares from treasury for $50 per share.

Prepare journal entries to record each transaction.

A) Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $56 per share.

B) Record the purchase of 26,000 shares of previously issued common stock for a price of $51 per share.

C) Record the re-issuance of 10,500 shares of treasury stock previously purchased for a price of $51 per share and sold for $52 per share.

D) Record the re-issuance of 10,500 shares of treasury stock previously purchased for $51 per share and sold for $50 per share.