1. As of 01-01-16, Mallory Corporation is authorized to issue an additional 750,000 shares of its $1 par value common stock. During 2016, Mallory entered into the following transactions:

• Issued 250,000 shares of common stock at $32 per share, less $125,000 of stock issuance costs.
• Purchased 50,000 shares of treasury stock at $30 per share. This was Mallorys first treasury stock purchase. Mallory uses the cost method to account for treasury stock transactions.

Prepare the entries Mallory should make for these transactions.