Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $9 par value, 87,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 52,000 shares of common stock for cash at $41 per share. b. Repurchased 3,000 shares from a stockholder for cash at $43 per share.

1. Prepare the journal entry required for each of these transactions