E11-7 Reporting Stockholders' Equity LO11-1, 11-3

[The following information applies to the questions displayed below.]

Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $5 par value, 81,000 shares authorized. During the first year, the following selected transactions were completed:

a. Sold 59,000 shares of common stock for cash at $45 per share.

b. Repurchased 11,000 shares from a stockholder for cash at $47 per share.

Required: 1. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Sold 59,000 shares of common stock for cash at $45 per share. Note: Enter debits before credits. General Journal Debit Credit Record entry View general journal Clear entry Hints References Book & Resources Hint#1 Check my work value 10.00 points E11-7 Part 2 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders Balance Sheet (Partial) At End of This Year Contributed