Exercise $10-6$B Record issuance of stock and treasury stock transactions $($LO$10-2,10-3,10-4)$

A company has two classes of stock authorized: $9\%,$ $$10$ par preferred, and $$1$ par value common. The following transactions affect

stockholders' equity during Year $1,$ its first year of operations:

January $2$ Issues $100,000$ shares of common stock for $$29$ per share.

February $6$ Issues $2,400$ shares of $9\%$ preferred stock for $$11$ per share.

September $10$ Purchases $11,000$ shares of its own common stock for $$34$ per share.

December $15$ Resells $5,500$ shares of treasury stock at $$39$ per share.

Required:

Record each of these transactions. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in

the first account field.$)$

Journal entry worksheet

Record the issuance of $100,000$ shares of common stock for $$29$ per share.

Note: Enter debits before credits.