Required information E11-7 (Algo) Reporting Stockholders' Equity LO11-1, 11-3, 11-7 [The following information applies to the questions displayed below.] Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $3 par value, 89,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 53,000 shares of common stock for cash at $53 per share. b. Repurchased 8,000 shares at $55 per share. Sold 53,000 shares of common stock for cash at $53 per share. Note: Enter debits before credits. Journal entry worksheet Repurchased 8,000 shares at $55 per share. Note: Enter debits before credits. 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Assume retained earnings at the end of the year was $230,000. Note: Amounts to be deducted should be indicated with a minus sign