The stockholders' equity section of Palmer Corporation's balance sheet at December 31, 2007, appears below Stockholders' equity Paid-in capital Common stock, $10 par value, 400,000 shares authorized Paid-in capital in excess of par Retained earnings $2,500,000 1200,000 3,700,000 00,000 250,000 issued and outstanding Total paid-in capital Total stockholders equity During 2008, the following stock transactions occurred Jan 18 Issued 50,000 shares of common stock at $30 per share Aug. 20 Purchased 25,000 shares of Palmer Corporation's common stock at $24 per share to be held in the treasury Nov 5 Reissued 9,000 shares of treasury stock for $28 per share Instructions (a) Prepare the joumal entries to record the above stock transactions (b) Prepare the stockholders equity section of the balance sheet for Palmer Corporation at December 31, 2008 Assume that net income for the year was S100,000 and that no dividends were declared