Underwood Companys only treasury stock transactions for the current year follow: (1) 2,000 shares of its common stock were purchased on June 1 for $80,000; (2) On July 1 it reissued 500 of these shares at $45 per share; (3) On August 1 it reissued an additional 500 treasury shares at $40 per share. 1) Prepare the journal entries required to record these transactions. 2) Calculate the balance in Paid-in Capital, Treasury Stock, on September 1, assuming its beginning-year balance is zero.