Williamson Corporation was organized in 2014 to operate a tax preparation business. The charter authorized the following capital stock: common stock, par value $6 per share, 90,000 shares. During the first year, the following selected transactions were completed: a.Sold and issued 58,000 shares of common stock for cash at $43 per share. b.Bought 11,000 shares from a stockholder for cash at $45 per share.

Required:

Prepare the journal entry required for each of these transactions.

Prepare the stockholders equity section as it should be reported on the year-end balance sheet.