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The stockholders' equity section of Barrel Corporation's balance sheet at December 31, 2016, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 400,000
The stockholders' equity section of Barrel Corporation's balance sheet at December 31, 2016, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding $2,500,000 Paid-in capital in excess of par 1,200,000 Total paid-in capital 3,700,000 Retained earnings 600,000 Total stockholders' equity $4,300,000 During 2017, the following stock transactions occurred: Jan. 18 Issued 50,000 shares of common stock at $32 per share. Aug. 20 Purchased 25,000 shares of Barrel Corporation's common stock at $26 per share to be held in the treasury. Nov. 5 Sold 9,000 shares of treasury stock for $28 per share. Instructions: Prepare the journal entries to record the above stock transactions
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