The following information pertains to JAE Corporation at January 1, Year 1. Common stock, $9 par, 14,000 shares authorized, 2,800 shares issued and outstanding $ 25,200 Paid-in capital in excess of par, common stock 12,000 Retained earnings 55,800 JAE Corporation completed the following transactions during Year 1: Issued 1,000 shares of $9 par common stock for $26 per share. Repurchased 230 shares of its own common stock for $23 per share. Resold 50 shares of treasury stock for $24 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.