The following information pertains to JAE Corporation at January 1, Year 1.

Common stock, $10 par, 8,000 shares authorized, 1,600 shares issued and outstanding$ 16,000Paid-in capital in excess of par, common stock13,300Retained earnings56,000

JAE Corporation completed the following transactions during Year 1:

1. Issued 1,050 shares of $10 par common stock for $27 per share.
2. Repurchased 160 shares of its own common stock for $24 per share.
3. Resold 50 shares of treasury stock for $25 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?

c1. Prepare journal entries for these transactions.

c2. Post the journal entries to T-accounts.

d. Prepare the stockholders equity section of the balance sheet reflecting these transactions