Required information [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 $66,000, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 280,000 shares of the common stock at $31 cash per share. b. Reacquired 5,800 shares at $32 cash per share to use as stock incentives for senior management. 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.) Assets Liabilities + Stockholders' Equity a. Common Stock Additional Paid-In Capital, Common Stock 280,000 8,400,000 Additional Paid-In Capital, Common Stock b. [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 $66,000, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 280,000 shares of the common stock at $31 cash per share. b. Reacquired 5,800 shares at $32 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.) Required information [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 $66,000, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 280,000 shares of the common stock at $31 cash per share. b. Reacquired 5,800 shares at $32 cash per share to use as stock incentives for senior management. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) WHYVILLE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock $ 280,000 Additional Paid-In Capital, Common Stock 8,400,000 Total Contributed Capital Retained Earnings 8,680,000 66,000 Total Less: Treasury Stock, at cost Total Stockholders' Equity 8,746,000 (185,600) 8,560,400 $