1-9 networking solutions began operations on January 1 2012 and immediately issu

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 equityCommon stock $1 par $56000Additional paid in capital $394400Retained earnings – 41000Treasury stock 500 shares – (2000)Total stock holders equity 489400During 2012 1-9A. Issued stock for $8 per shareB. Purchased 800 shares of treasury stock paying $4 per share C. Resold some of the treasury stockD. Declared and paid cash dividendsRequired:1. Journalize all of 1-9s stockholders equity transaction during the year. 1-9s to close net income to retained earnings as follows:Revenue 177000Expenses 112000Retained Earnings 65000