At the beginning of 2019 Ball Corporation had the following stockholders equity balances in its general ledger:

Common Stock, $10 Par Value $2,500,000

Paid-In Capital in Excess of Par: Common 1,500,000

Paid-In Capital, Treasury Stock 7,000

Paid-In Capital, Stock Options 43,000

Retained Earnings 3,000,000

Treasury Stock (15,000 shares) (180,000)

Total Stockholders Equity $6,870,000

The paid-in capital from stock options relates to options granted on 1/1/15 to the CEO as incentive compensation. As of 1/1/19, the remaining expected benefit period is six years; expense has been and will be recorded evenly over the benefit period.

1. January 1: Purchased 5,000 shares of its common stock for $15 per share. Ball uses the cost method of accounting for treasury stock transactions.

2. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $12 per share were re-issued for $6 per share.

3. August 1: Holders of 5,000 shares of the preferred stock converted their shares into common stock when the market value of the common stock was $21 per share. Ball uses the book value method of accounting for conversions.

4. October 1: Declared and distributed a 1% stock dividend on common stock outstanding when the market price of the stock was $24 per share.

5. December 1: Declared and distributed a property dividend of land to preferred shareholders. The land had a fair value of $45,000 and a carrying value of $30,000.

6. December 31: Recorded 2019 compensation expense related to the stock options. The 2019 Final Net Income, including the effects of any net income items listed above (and the 2019 tax effects on net income items), was $750,000. There were 500,000 shares authorized for both preferred and common stock.