united resources company obtained a charter from the state in january of this year. the charter authorized 212,000 shares of common stock with a par value of $2. during the year, the company earned $488,000. also during the year, the following selected transactions occurred in the order given: sold 99,000 shares of the common stock in an initial public offering for $13 per share. repurchased 24,000 shares of the previously issued shares for $16 per share and is holding them as treasury stock. resold 7,000 shares of treasury stock for $19 per share.