P11-5A Layes Corporation has been authorized to issue 20,000 shares of $100 par value, 7% noncumul lative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock $ 150,000 20,000 2,000,000 Fn Alt 11-57 Reporting and Analyzing Stockholders' Equity Ex. 229 During 2017, the following stock transactions occurred Jan. 18 Issued 80,000 shares of common stock at $23 per share. Aug. 20 Purchased 20,000 shares of Piper Corporation's common stock at $25 per share to be held in the treasury Instructions (a) Prepare the journal entries to record the above stock transactions. (b) Prepare the stockholders' equity section of the balance sheet for Piper Corporation at December 31, 2017. Assume that net income for the year was $150,000 and that no