A corporation had stockholders' equity on January 1 as follows: Common Stock,$1 par value,1,500,000 shares authorized,600,000 shares issued; Paid-in Capital in Excess of Par Value,Common Stock,$1,100,000; Retained Earnings,$2,300,000.Prepare journal entries to record the following transactions:

Par Value

The nominal or face value of a stock or bond, as stated by the issuing company.

Common Stock

A type of security that represents ownership in a corporation, entitling the holder to vote on corporate matters and receive dividends.

Paid-In Capital

Represents the funds raised by a company through the sale of its own shares rather than through borrowed capital or earnings.