7 Required information [The following Information applies to the questions displayed below.] Whyville Corporation obtained its charter from the state in January that authorized 500,000 shares of common stock, $1 par value. During the first year, the company earned $66,000, declared no dividends, and the following selected transactions occurred in the order given: Part 1 of 2 8 points Issued 280,000 shares of the common stock at $31 cash per share. b. Reacquired 5,800 shares at $32 cash per share to use as stock Incentives for senior management. 04:37:34 Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to Assets, Llabilities and Stockholders' Equity with a minus sign.) eBook Assets Liabilities Stockholders' Equity Print a. References b