Accounting for Share Transactions

At the beginning of the year, The Mann Corporation, a private entity, decided to go public.

A charter of incorporation was constructed which authorized the sale of $10$ million shares of $$1$ par value common stock, $100,000$ shares of $$100$ par value, $8\%$ preferred stock, and $200,000$ shares of $$5$ no$-$par$-$value convertible preferred stock.

The following shares were sold as part of the firm$$s initial public offering:

$1,000,000$ shares of common stock at $$10$ per share.

$100,000$ shares of $$100$ par value, $8\%$ preferred stock at $$105$ per share.

During the year, $100,000$ shares of common stock were repurchased at $$12$ per share.

The company had a profitable year, and at year$-$end, the full dividend was declared and paid on preferred stocks and $$0\mathrm{.}50$ per share was declared and paid on common stock.

Required

In the spreadsheet below, record the financial effects of the shareholders$$ equity transactions for The Mann Corporation for the year.

Enter amounts in thousands $($i$.$e$.,$ $$10,000,000=$ $$10,000).$ Use a negative sign with answers to indicate a reduction in an account balance.