[The following information applies to the questions displayed below.] 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 $37,300 and the following selected transactions occurred in the order given: a. Issued 51,000 shares of the common stock at $11 cash per share. b. Reacquired 1,100 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 550 of the shares in transaction (b) two months later at $17 cash per share.

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.)

Record the issuance of 51,000 shares of common stock with a par value $10 for a price of $11 per share.

Record the purchase of 1,100 shares of previously issued common stock for a price of $14 per share.

Record the issuance of 51,000 shares of common stock with a par value $10 for a price of $11 per share.

Record the re-issuance of 550 shares of treasury stock previously purchased for a price of $14 per share and sold for $17 per share.

Prepare the stockholders equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)
	TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year.