Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $7 par value, 82,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 57,000 shares of common stock for cash at $54 per share. b. Repurchased 7,000 shares at $56 per share. E11-7 Part 1 Required: 1. Prepare the journal entry required for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Sold 57,000 shares of common stock for cash at $54 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit