United Resources Company obtained a charter from the state in January of this year. The charter autho- rized 200,000 shares of common stock with a par value of $1. During the year, the company earned $590,000. Also during the year, the following selected transactions occurred in the order given:

a. Sold 100,000 shares of the common stock in an initial public offering for $12 per share.

b. Repurchased 20,000 shares of the previously issued shares for $15 per share. c. Resold 5,000 shares of treasury stock for $18 per share.

Required: Prepare journal entries for a, b, and c