Problem Il: Each of the following transactions are for the same company. For each transaction, prepare the required journal entry and answer the two questions that immediately follow. A. On 8/1/X4, Peace Corp. issued 9,000 shares of $5 par common stock for $25 per share. These are the first shares Peace has issued. In the space below, prepare the journal entry to record this transaction. Date 8/1/X4 T Debit Account Name Credit B. Using the words increase, decrease, or no effect along with the amount, indicate how the above transaction affects each component of Peace's accounting equation? Note: "no effect" must be indicated where appropriate. Answer: Assets Liabilities + Stockholders' Equity C. After the transaction in part "A" is recorded, how many shares are issued and outstanding as of Augus 20X4? Answer: Issued shares as of 8/1/X4- Outstanding shares 8/1/X4- D. Continuing with the above, on 10/1/X4, Peace Corp. bought back 800 shares of its $5 par common stock for $30 per share. In the space below, prepare the journal entry to record this transaction Date 10/1/X4 Debit Credit Account Name E. Using the words increase, decrease, or no effect along with the amount, indicate how the transaction in part D" affects each component of Peace's accounting equation? Note: "no effect" must be indicated where appropriate. Answer: Assets Liabilities Stockholders' Equity After the transaction in part "D" is recorded, how many shares are issued and outstanding as of October 1, 20X4? Answer: F. Issued shares as of 10/1/X4- Outstanding shares 10/1/X4