COACHED PROBLEMS P11-1 Analyzing Accounting Equation Effects, Recording a connect Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance, Purchase, and Reissuance Transactions LO 1 Worldwide Company obtained a charter from the state in January that authorized 200.000 shares of n stock, $10 par value. During the first year, the company earned $38,200 and the following selected transactions occurred in the order given: a. Issued 60,000 shares of the common stock at $12cash per share. 320?ooorash b. Reacquired 2,000 shares at S15 cash per share from stockholders; the shares are now held in treasury c. Reissued 1,000 of the shares in transaction (b) two months later at $18 cash per share. Required: 1. Indicate the effects of each transaction on the accounting equation. 2. Prepare journal entries to record each transaction. 3. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. .lands inl ctatements