Question

I need help with the the shareholders’ equity section of X’s balance sheet as of

December 31, 2015, for instance:

Shareholders’ Equity

Preferred stock, $100 par value; authorized, 300,000 shares; issued, 32,500 shares $3,250,000

Common stock, $5 par value; authorized, 2,000,000 shares; issued, 442,000 shares 2,210,000

Paid-in capital in excess of par—preferred 87,000

Paid-in capital in excess of par—common 875,000

Retained earnings 2,980,000

$9,402,000

The following events occurred during 2016:

Jan. 5 – 10,000 shares of authorized and unissued common stock were sold for $6 per share.

16 – 12,000 shares of authorized and unissued preferred stock were sold for $107 per share.

Apr. 1 – 78,000 shares of common stock were repurchased for the treasury at a price of $17 per share. Superior uses the cost method to account for treasury stock.

Sept. 1 – 2,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $280,500. The preferred stock currently trades on the New York Stock Exchange at a price of $109 per share.

Dec. 1 – 25,000 shares of treasury stock are reissued at a price of $25 per share.

How the  journal entries for each of the above transactions will look like. Could you please assist

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