[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 $51,000 and the following selected transactions occurred in the order given:

a.	Issued 130,000 shares of the common stock at $16 cash per share.
b.	Reacquired 4,300 shares at $17 cash per share to use as stock incentives for senior management.

1.

value: 10.00 points

Required information

Required:

1.

Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.)

2.

value: 10.00 points

Required information

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.)

3.

value: 10.00 points

Required information

3.	Prepare the stockholders equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)