authorized to sell 1,000,000 shares of $10 par value common stock and 50,000 of $100 par value 6% preferred stock. company actually sold 550,00 shares of common stock @ 12 per share and 40,000 shares of preferred stock @ 110 per share. $550,000 of common stock sold 40,000 shares have been repurchased @ $60 per share and are currently being held in treasury to be used to meet future requirements of a stock option plan the company intends to implement.

prepare all jounal entries for all transactions

prepare stock holders equity section to reflect the transactions recorded