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 value. During the first year, the company earned $55,000 and declared no dividends; the following selected transactions occurred in the order given: a. Issued 170,000 shares of the common stock at $20 cash per share. b. Reacquired 4,700 shares at $21 cash per share to use as stock incentives for senior management. PB11-1 (Algo) Part 2 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the issuance of 170,000 shares of common stock with a $1 par value for a price of $20 per share.