The stockholders' equity of Briar Company on December 31, 1997, consisted of 1,000 authorized, issued, and outstanding shares of \(\$ 72\) cumulative preferred stock, stated value \(\$ 240\) per share, which were originally issued at \(\$ 1,192\) per share; 100,000 shares authorized, issued, and outstanding of no-par, \(\$ 160\) stated value common stock, which were originally issued at \(\$ 160\); and retained earnings of \(\$ 1,120,000\). Following are selected transactions and other data relating to 1998 . No previous treasury stock transactions had occurred.

1. The company reacquired 2,000 shares of its common stock at \(\$ 336\).

2. One thousand of the treasury shares were reissued at \(\$ 288\).

3. Stockholders donated 1,000 shares of common stock to the company. These shares were immediately reissued at \(\$ 256\) to provide working capital.

4. The first quarter's dividend of \(\$ 18\) per share was declared and paid on the preferred stock. No other dividends were declared or paid during 1998.

The company suffered a net loss of \(\$ 224,000\) for the year 1998

a. Prepare journal entries for the preceding numbered transactions.

b. Prepare the stockholders' equity section of the December 31,1998 , balance sheet.