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

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 Total contributed capital Total stockholders' equity 0