Whyville Corporation obtained its charter from the state in January that authorized 500,000 shares of common stock, $1 par value. During the first year, the company earned $48,000, declared no dividends, and the following selected transactions occurred in the order given:

Issued 100,000 shares of the common stock at $13 cash per share.

Reacquired 4,000 shares at $14 cash per share to use as stock incentives for senior management.

Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.)

Need balance sheet and Journal Entries

8.5.2