PPP Required information PB11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2) [The following information applies to the questions displayed below] Whyville Corporation obtained its charter from the state in January that authorized 500,000 shares of common stock. $1 par yalue. During the first year, the company earned $62,000 and declared no dividends; the following selected transactions occurred in the order given: a. Issued 240,000 shares of the common stock at $27 cash per share. b. Reacquired 5,400 shares at $28 cash per share to use as stock incentives for senior management. PB11-1 (Algo) Part 1 Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assots Liabilities Stockholders' Equity