Part A The stockholders' equity section of Teal Corporation's balance sheet at December 31, 2020, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 500,000 shares authorized 400,000 issued and outstanding $4,000,000 Paid-in capital in excess of par 1,600,000 Total paid-in capital 5,600,000 Retained earnings 800,000 Total stockholders' equity $6.400.000 I During 2021, the following stock transactions occurred at the company: Jan. 18 The company issued 40,000 shares of common stock at $28 per share. Aug. 20 The company purchased 12,000 shares of its common stock at $25 per share to be held in the treasury. Instructions 1. Prepare the journal entries to record the above stock transactions in 2021. 2. Prepare the stockholders' equity section of the balance sheet for Teal Corporation at December 31, 2021. Assume that net income for the year was $160,000 and that no dividends were declared. 12 Marks Part B and C continue on next page