The corporate charter of Martin Corporation allows the issuance of a maximum of 4,000, 000 shares of dollar 1 par value common stock. During its first three years of operation. Martin issued 3,200, 000 shares at dollar 15 per share. It later acquired 30, 000 of these shares as treasury stock for dollar 25 per share. Based on the above information, answer the following questions: How many shares authorized? How many shares were issued? How many shares are outstanding? What is the balance of the Common Stock account? What is the balance of the Treasury Stock account? On January 1, 2015, the stockholders' equity section of Nance Corporation shows: Common stock (dollar 5 par value) dollar 1,500, 000; paid-in capital in excess of par value dollar 1,000, 000; and retained earnings dollar 1, 200, 000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 30, 000 shares for cash at dollar 22 per share. July 1 Sold 6,000 treasury shares for cash at dollar 27 per share. Sept. 1 Sold 5,000 treasury shares for cash at dollar 19 per share. Instruction: Journalize the treasury stock transactions. Fleming Company purchased a machine of January 1, 2015. In addition to the purchase price paid, the following additional costs were incurred: (a) sales tax paid on the purchase price, (b) transportation and insurance costs while the machinery was in transit from the seller, (c) personnel training costs for initial operation of the machinery, (d) annual city operating license, (e) major overhaul to extend the life of the machinery, (f) lubrication of the machinery gearing before the machinery was placed into service, (g) lubrication of the machinery gearing after the machinery was placed into service, and (h) installation costs necessary to secure the machinery to the building flooring. Instructions Indicate for each item (a through h) whether it should be debited to the Machine account or an Expense account. M = Machine, E = Expense