Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock:...

 

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Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $10 par value, 99,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 61,000 shares of common stock for cash at $44 per share. b. Repurchased 4,000 shares at $46 per share. Required: 1. Prepare the journal entry required for each of these transactions. Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $10 par value, 99,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 61,000 shares of common stock for cash at $44 per share. b. Repurchased 4,000 shares at $46 per share. Required: 1. Prepare the journal entry required for each of these transactions.