The stockholders' equity section of Piper Corporation's balance sheet at December 31, 2011, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 400,000 shares authorized; 300,000 issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity During 2012, the following stock transactions occurred: Jan. 18 Issued 60,000 shares of common stock at $23 per shares. Aug. 20 Purchased 15,000 shares of Piper Corporation's common stock at $25 per share to be held in the treasury. Prepare the journal entries to record the above stock transactions. Prepare the stockholders' equity section of the balance sheet for Piper Corporation at December 31, 2012. Assume that net income for the year was $150,000 and that no dividends were declared