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Whyville Corporation obtained its charter from the state in January that authorized $500,000$ shares of common stock, $$1$ par value. During the first year, the company earned $$48,000$ and declared no dividends; the following selected transactions occurred in the order given:

a$.$ Issued $100,000$ shares of the common stock at $$13$ cash per share.

b$.$ Reacquired $4,000$ shares at $$14$ cash per share to use as stock incentives for senior management.

$2.$ 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.$)$

$1$ Record the issuance of $100,000$ shares of common stock with a $$1$ par value for a price of $$13$ per share.

$2$ Record the purchase of $4,000$ previously issued shares of common stock for a price of $$14$ per share.