[The following information applies to the questions displayed below.]

The following information pertains to Wise Corp. at January 1, 2014:

Common stock, $10 par, 50,000 shares authorized, 3,000 shares issued and outstanding	$30,000
Paid-in capital in excess of par, common stock	12,000
Retained earnings	46,000

Wise Corp. completed the following transactions during 2014:

1.

Issued 2,000 shares of $10 par common stock for $16 per share.

2.

Repurchased 500 shares of its own common stock for $18 per share.

3. Resold 120 shares of treasury stock for $20 per share.

a.	How many shares of common stock were outstanding at the end of the period? b. Prepare the stockholders equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.

WISE CORPORATION Balance Sheet (Partial) As of December 31 Stockholders' Equity Total paid-in capital Total stockholders' equity