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Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders equity accounts of Cooper Corporation at January 1 follow: Common stock, 51 par value, 350,000 shares authorized 150,000 shares issued and outstanding $150,000 Paid in capital in excess of par value (common stock) 600,000 Retained earnings 366,000 During the year, the following transactions occurred: Jan 5 Issued 20,000 shares of common stock for 515 cash per share 18 Purchased 4,000 shares of common stock as treasury stock at $14 cash per share. Mar 12 Sold one fourth of the treasury shares acquired January 18 for 517 per share Judy 17 Sold 600 shares of the remaining treasury stock for 512 per share Oct 1 Issued 5,000 shares of eight percent, $25 par value preferred stock for $35 cash per share. These are the first preferred shares issued out of 50,000 authorized shares. Dec 31 Closed the net income of $170,000 to the Retained Earnings account Required Prepare journal entries to record the foregoing transactions and post to Taccounts. Do not prepare the journal entry for the Dec. 31 transaction, but post the appropriate amount to the Retained Earnings T-account. Determine the ending balances for the stockholders' equity accounts. Prepare the December 31 stockholders' equity section of the balance sheet Journal Entries T-Accounts Balance Sheets Credit General Journal Date Description Jan.05 Cash Common Stock Paid-in-Capital in Excess of Par Value - Common Stock - Issued common stock. Jan 18 Debit 300,000 0 4 0 0 0 0 . 0 0 0 0 Purchased treasury stock.