Corporation's only treasury stock transactions for the current year follow:

(1) 2,000 shares of its common stock were purchased on June 1 for $80,000

(2) On July 1 it reissued 500 of these shares at $45 per share

(3) On August 1 it reissued an additional 500 treasury shares at $38 per share.

1. Prepare the journal entries required to record these transactions.
2. Calculate the balance in Paid-in Capital, Treasury Stock, on September 1 assuming its beginning-year balance is zero.