The stockholders' equity section of Gupta Company at December 31, 2018, follows. 8% preferred stock, $25 par value, 50,000 shares authorized;

6,800 shares issued and outstanding ................................................................ $170,000

Common stock, $10 par value, 200,000 shares authorized;

50,000 shares issued and outstanding .............................................................. 500,000

Paid-in capital in excess of par value-preferred stock ...................................... 68,000

Paid-in capital in excess of par value-preferred stock ....................................... 200,000

Retained earnings ................................................................................................... 270,000

During 2019, the following transactions occurred:

Jan. 10    Issued 28,000 shares of common stock for $17 cash per share.

Jan. 23    Purchased 8,000 shares of common stock for the treasury at $19 cash per share.

Mar. 14   Sold one-half of the treasury shares acquired January 23 for $21 cash per share.

July 15     Issued 3,200 shares of preferred stock for $128,000 cash.

Nov. 15    Sold 1,000 of the treasury shares acquired January 23 for $24 cash per share.

REQUIRED

a. Using the financial statement effects template, illustrate the effects of each transaction.

b. Prepare the journal entries for these transactions.

c. Post the journal entries from b to the related T-accounts.

d. Indicate the impact of each transaction on the calculation of basic EPS.

e. Prepare the December 31, 2019, stockholders' equity section of the balance sheet assuming the company reports 2019 net income of $59,000.