Required information [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, $2 par value, 80,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 50,000 shares of common stock for cash at $50 per share. b. Repurchased 2,000 shares from a stockholder for cash at $52 per share. Required: 1. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.)