London Jewelry Company reported the following summarized balance sheet at December 31, 2010:

Assets

Current assets.................................................................. $33,500

Property and equipment, net ........................................... 63,100

Total assets....................................................................... $96,600

Liabilities and Equity

Liabilities ........................................................................ $37,600

Stockholders equity:

$0.80 cumulative preferred stock, $15 par,

400 shares issued........................................................... 6,000

Common stock, $2 par, 6,300 shares issued................ 12,600

Paid-in capital in excess of par .................................... 17,400

Retained earnings........................................................ 23,000

Total liabilities and equity........................................... $96,600

During 2011, London completed these transactions that affected stockholders equity:

Feb 13 Issued 5,200 shares of common stock for $6 per share.

Jun 7 Declared the regular cash dividend on the preferred stock.

24 Paid the cash dividend.

Aug 9 Distributed a 20% stock dividend on the common stock. Market price of the common stock was $7 per share.

Oct 26 Reacquired 900 shares of common stock as treasury stock, paying $8 per share.

Nov 20 Sold 600 shares of the treasury stock for $12 per share.

Requirements

1. Journalize London’s transactions. Explanations are not required.

2. Report London’s stockholders equity at December 31, 2011. Net income for 2011 was $25,000.