Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $6 par value, 92,000 shares authorized. During the first year, the following selected transactions were completed:

a. Sold 55,000 shares of common stock for cash at $58 per share.

b. Repurchased 3,000 shares from a stockholder for cash at $60 per share.

Required: 1. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Cash Common stock Additional paid-in capital, common stock 2 180,000 Treasury stock Cash 180,000 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' Balance Sheet (Partial) At End of This Year Stockholders' equity: Contributed Capital: Common stock $ 330,000 Additional paid-in capital 330,000 Total contributed capital Treasury stock Total stockholders' equity $ 330,000