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5. Tyler Corporation was organized in 2015. Its corporate charter authorized the issuance of 50,000 shares of common stock, par value $5 per share, and 10,000 shares of 8% preferred stock, par value $25 per share. The following transactions took place during 2015: January 1 Sold and issued 45,000 shares of common stock for cash at $25 per share. February 1 Sold and issued 5,000 shares of preferred stock for cash of $75 per share. June 1 Repurchased 7,500 shares of common stock at $24 per share. August 1 Sold 1,000 shares of the treasury stock at $26 per share. October 1 Sold another 1,500 shares of the treasury stock at $23 per share. December 1 Declared cash dividends totaling $100,000. December 31 Paid the cash dividends that were declared. Required: Part a. Prepare journal entries for each of the following transactions: Part b. Compute the number of shares of common stock issued and outstanding at December 31, 2015