Andruw Jones Company had the following stockholders equity as of January 1, 2008.

Andruw Jones Company had the following stockholders equity as of January 1, 2008.

Common Stock, $5 par value, 20000 shares issued            $100,000

Paid-in-Capital in excess of par                                           300,000

Retained earnings                                                              320,000

Total Stockholders’ equity                                                   720,000

During 2008, the following transactions occurred:

Feb. 1    Jones repurchased 2000 shares of treasury stock at a price of $18 per share.

Mar. 1   800 shares of treasury stock repurchased above were reissued at $17 per share

Mar 18   500 shares of treasury stock repurchased above were reissued at $14 per share

Apr 22   600 shares of treasury stock repurchased above were reissued at $20 per share.

Required:

A.   Prepare the journal entries to record the treasury stock transactions in 2008, assuming Jones uses the cost method.

B.  Prepare the stockholders' equity section as of April 30, 2008. Net income for the first 4 months of 2008 was $110,000.