1-9 networking solutions began operations on January 1, 2012 and immediately issued stock receiving cash.

1-9 networking solutions began operations on January 1, 2012 and immediately issued stock receiving cash. 1-9 balance sheet at December 31, 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 stock holders’ equity  ---------------  489,400

During 2012, 1-9

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

Required:

1.  Journalize all of 1-9’s stockholders equity transaction during the year. 1-9’s to close net income to retained earnings as follows:

Revenue                177,000

Expenses              112,000

Retained Earnings       65,000