I-9 Networking Solutions began operations on January 1, 2014, and immediately issued its stock, receiving cash. I-9€™s balance sheet at December 31, 2014, reported the following stockholders€™ equity:
Common stock, $ 1 par...................... $ 56,000
Additional paid- in capital.................. 394,400
Retained earnings.............................. 41,000
Treasury stock, 500 shares................ (2,000)
Total stockholders€™ equity................$ 489,400
During 2014, I- 9
a. Issued stock for $ 8 per share.
b. Purchased 800 shares of treasury stock, paying $ 4 per share.
c. Resold some of the treasury stock.
d. Declared and paid cash dividends.

Requirement
Journalize all of I-9€™s stockholders€™ equity transactions during the year. I-9€™s entry to close net income to Retained Earningswas

Revenues 177,000 Expenses Retained Earnings 112,000 65,000