shares of stock

1 stock split and adjusted the par value of the stock. (Hint: Consider the effect of the stock split on treasury stock.)
7. On August 19, 2011, the company reissued 8,000 shares held in treasury for $10 per share.
8. On December 27, 2011, the company declared a cash dividend of $50,000.
9. On January 3, 2012, the company paid the dividend declared on December 27, 2011.
10. On October 31, 2012, the company reissued 2,000 shares held in treasury for $15 per share.
REQUIRED:
a. Prepare the necessary journal entries to record these transactions.
b. Prepare the shareholders’ equity section of Aspen’s balance sheet as of December 31, 2012. Assume that net income for 2009, 2010, 2011, and 2012 was $400,000, $100,000, $100,000, and $20,000, respectively.