On February 21, 2018 Osa Steel Works incorporated in the State of California and is authorized to issue 50,000 $3 par value common shares.

1 The following stock transactions were made by Osa Steel during 2018. Prepare the necessary journal entries to record the transactions in the financial records of the company.

a) 28-Feb Osa sold 45,000 of the $3 par value shares at a market price of $14 per share.

b) 1-Aug Purchased 5,000 shares of its own $3 par value common stock at $20 per share.

c) 1-Sep Sold 1,500 shares of treasury stock purchased on August 1 for $30 per share.

d) 21-Oct Sold 700 shares of treasury stock purchased on August 1 for $27 per share.

e) 1-Nov Sold 900 shares of treasury stock purchased on August 1 for $13,500.

f) 18-Nov Sold 600 shares of treasury stock purchased on August 1 for $9,600.

g) 15-Dec Retired 1,300 shares of treasury stock purchased on August 1.

2 Prepare the stockholders' equity section of Osa Steel Company as of December 31, 2018 including disclosure of all relevant information.

(Hint: Refer to bottom of page 587 of your text book - Learning Objective 4).