At the beginning of 2020, Browne Corporation had the following stockholders equity balances in its general ledger: Common Stock, $10 Par Value $500,000 Paid-In Capital in Excess of Par 1,500,000 Paid-In Capital, Treasury Stock 100,000 Paid-In Capital, Stock Options 80,000 Retained Earnings 100,000 Treasury Stock (15,000 shares) (270000) Total Stockholders Equity 2,010,000 The paid-in capital from stock options relates to options granted on 1/1/16 to the CEO as incentive compensation. As of 1/1/20, the remaining expected benefit period is three years; expense has been and will be recorded evenly over the benefit period. January 2: Purchased 10,000 shares of its common stock for $16 per share. Browne uses the cost method of accounting for treasury stock transactions. February 1: Declared and distributed a 30% stock dividend on common stock outstanding when the market price of the stock was $24 per share. April 1: Issued 20,000 shares of $50 par, noncumulative, convertible 6% preferred stock for $60 per share, where one share of preferred stock is convertible into two shares of common stock. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $22 per share were re-issued for $20 per share. August 1: Holders of 8,000 shares of the preferred stock converted their shares into common stock when the market value of the common stock was $22 per share. Taylor uses the book value method of accounting for conversions. October 1: Declared and paid a cash dividend of $2 per share on the outstanding common stock. November 1: investors used ten percent of the outstanding stock option to purchase 1,000 common share. Brown received $25,000 from investors December 1: Declared and distributed a property dividend of land to preferred shareholders. The land had a fair value of $75,000 and a carrying value of $60,000. December 31: Recorded 2020 compensation expense related to the stock options. The 2020 Final Net Income, including the effects of any net income items listed above (and the 2020 tax effects on net income items), was $1,000,000. There were 500,000 shares authorized for both preferred and common stock.

Required All journal entries for the item above

12/30/20 stockholders equity section. Used the format from Forest Company example in Chapter15 of the text. Include parenthetical disclosure for preferred stock and common stock

Particulars	Amount	Amount
Authorized stock; 500000 shares of preferred and common stock
Opening balance in Common stock	xx
Add: New issue of Common stock	xx
		xx
Less: Treasury stock:
Opening balance	xx
Add: new purchase	xx
		xx
Common stock after deducting the treasury stock		xx
6% non cumulative convertible preferred stock		xx
Pain in Capital in excess of par value:
Opening balance	xx
Add : during the year	xx
		xx
Paid in capital , stock options
Retained earning :
Opening balance	xx
Add : net income	xx
Less : dividend	xx
		xx
Total stockholders equity		xx