The following information pertains to JAE Corp. at January 1, Year 2: Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,000 15,000 82,000 JAE Corp. completed the following transactions during Year 2: 1. Issued 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. 3. Resold 200 shares of treasury stock for $30 per share. Required a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Assets Event Liabilities JAE CORPORATION Accounting Equation for the Year 2 Stockholders' Equity Pald-In Paid-in Common Capital in Capital in Excess Excess Stock Common Treasury Stock Stock 20,000 15,000 30,000 45,000 Cash Treasury Stock Retained Earnings + + 82,000 + Bog, bal 1. 2 3. End, bal + . + los 75,000 (13.000) 6,000 68,000 + + + 2,000 - 2,000 (13,000) 5,200 (7.800) 0 + 50,000 60,000 82,000 How many shares of common stock were outstanding and issued at the end of the a. Outstanding shares at the end of the period Issued shares at the end of the period 4,700 5,000 b. JAE CORPORATION Balance Sheet (Partial) As of December 31, Year 2 Stockholders' Equity Common stock Paid-in capital in excess of par, common stock Paid-in capital in excess of cost, treasury stock Retained earnings Total paid-in capital $ 50,000 60,000 800 82,000 $ 192,800 Less: Treasury stock Total stockholders' equity (7,800) $ 185,000