Unifying Concepts: Stock Transactions, the Stockholders’ Equity Section, and the Statement of Stockholders’ Equity The condensed balance sheet of JCB Corporation at December 31, 2008, is shown below.

During 2009, the following transactions affected stockholders’ equity:
Feb. 15 Purchased 6,000 shares of JCB outstanding common stock at $18 per share.
May 21 Sold 3,500 of the shares purchased on February 15 at $21 per share.
Sept. 15 Issued 12,000 shares of previously unissued common stock at $22 per share.
Dec. 21 Sold the remaining 2,500 shares of treasury stock at $23 per share.
31 Closed net income of $91,600 to Retained Earnings. Revenues were $291,600;
expenses were $200,000.
Required:
1. Prepare the journal entries to record the 2009 transactions.
2. Prepare the stockholders’ equity section of the balance sheet at December 31, 2009.
3. Prepare a statement of stockholders’ equity for the year ended December 31, 2009.

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Cash All other assets Current liabilities Long-term liabilities Contributed capital: JCB Corporation Balance Sheet December 31, 2008 Assets $ 550,000 828,000 $1,378,000 Liabilities and Stockholders' Equity $ 145,000 220,000 $ 365,000 Common stock ($10 par, 150,000 shares authorized, 70,000 shares outstanding) Paid-in capital in excess of par, common stock Retained earnings $ 700,000 140,000 173,000 $1,013,000 $1,378,000