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Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,000, declared no dividends, and the following selected transactions occurred in the order given:

1. Issued 58,000 shares of the common stock at $12 cash per share.
2. Reacquired 1,800 shares at $15 cash per share from stockholders; the shares are now held in treasury.
3. Reissued 900 of the shares in transaction (b) two months later at $18 cash per share.

Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders C. 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 Record the issuance of 58,000 shares of common stock with a par value $10 for a price of $12 per share. Note: Enter debits before credits. Debit Credit Transaction General Journal Record entry Clear entry View general journal Journal entry worksheet 2 3 Record the purchase of 1,800 shares of previously issued common stock for a price of $15 per share. Note: Enter debits before credits. Debit Credit Transaction General Journal View general journal Record entry Clear entry Journal entry worksheet 2 3 Record the re-issuance of 900 shares of treasury stock previously purchased for a price of $15 per share and sold for $18 per share. Note: Enter debits before credits. Debit Transaction General Journal Credit View general journal Record entry Clear entry 3. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.) WORLDWIDE COMPANY Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Total Stockholders' Equity