• United Resources Company obtained a charter from the state in January of this year. The charter authorized 206,000 shares of common stock with a par value of $2. During the year, the company earned $485,000. Also during the year, the following selected transactions occurred in the order given: Sold 94,000 shares of the common stock in an initial public offering for $17 per share. Repurchased 21,000 shares of the previously issued shares for $20 per share and is holding them as treasury stock. Resold 4,000 shares of treasury stock for $23 per share.