Analyzing and ldentifying Financial Statement Effects of Stock Transactions The stockholders' equity section of Gupta Company at December 31, 2014, 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 Paid-in capital in excess of par val Paid-in capital in excess of par value-common stock Retained earnings 500,000 68,000 200,000 270,000 ue-preferred stock During 2015, 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 e. Prepare the December 31, 2015, stockholders' equity section of the balance sheet assuming the company reports 2015 net income of $59,000. Enter number of shares issued for each stock type. Hint: Do not use negative signs with answers. Stockholders' Equity Paid-in capital 8% Preferred stock, $25 par value, 50,000 shares authorized; shares issued and outstanding Common stock, $10 par value, 200,000 shares authorized; shares issued Additional paid-in capital Paid-in capital in excess of par value--Preferred stock Paid-in capital in excess of par value--Common stock Paid-in capital from Treasury stock Total paid-in capital Retained earnings Less: Treasury stock at cost shares Total stockholders' equity