General information about your company: Incremental borrowing rate 5 % Number of common shares authorized 250,000 Number of common shares issued and outstanding as of the end of last year 42,000 Par value of common stock $1.00 Tax rate 21%

#1. Your company engaged in the following stock transactions during the year: April 30: Repurchased 5,000 shares at $17 per share to be reissued at a later date. May 31: Reissued 2,500 shares at $20 per share July 31: Repurchased and retired 1,000 shares at $26 per share. November 1: Issued a 2-for-1 stock split For all share transactions, the company incorrectly booked the transactions using the treasury stock account (i.e., evaluate the treasury stock account and correct to what shareholders equity account balances should be, cash is correct).