2. Journal entries Corporation has $50,000 of common stock 1 * 1. At the end of its first year of operation, TRIM Corporation has $50,000 or com and net income of $225,000. Prepare (a) the closing entry for net income and (b) the stockholders' equity section at year-end. 2. WIT, Inc. issues 500 shares of $2 par value common stock at par for cash. 3. WIT, Inc. issues an additional 1,000 shares of the $2 par value common stock for cash at $5 per share. 4. Assuming WIT, Inc. has retained earnings of $25,000 prepare a stockholders' equity section. 5. Assume that on July 1, WIT sells for $7 per share the 1,000 shares of its treasury stock, previously acquired at $10 per share