[Jem100]

The C.C. Ellis Corporation at October 31st of this year showed the following amounts in its stockholders equity section of its balance sheet:

Common Stock,$6 par value/ 150,000 shares authorized, 100/000 shares issued and outstanding... $ 600/000
Additional Paid-in Capital... 260,000
Retained Earnings... 840,000
Total Stockholders' Equity $1,700,000

On November 4th/ the corporation bought back 20,000 shares of its own common stock for $16 per share. On December 1st it sold 8/000 of those shares for $20 per share and on December 15th sold an additional 8,000 of the shares for $8 per share. The remaining shares were retained by the company through the end of the year.

Required: 1) Give the journal entries necessary to record the purchase and resale of the corporation's stock.
2) Present the stockholders' equity of C.C. Ellis Corporation at December 31st