Before James Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balance (par value of its stock is $10 per share).

Common Stock $ 200,000

Paid-in Capital in Excess of Par $330,000

Retained Earnings $200,000

All transactions are given blow.

1. On Jan 2, bought 300 shares of treasure stock at $20 per share.

2. On Feb 10, bought 200 shares of treasure stock at $25 per share.

3. On Mar 3, bought 200 shares of treasure stock at $30 per share.

4. On Apr 8, sold 350 shares of treasury stock at $22 per share.

5. On May 20, sold 200 shares of treasury stock at 18 per share.

6. On Jun 15, 100 shares of treasure stock were exchanged for a piece of land that had a book value of $1,500. Jamess stock is actively traded and had a market price of $20 on June 15.

7. On Jun 30, declared 30% stock dividend (payout is scheduled in July) for common stockholders. Stock price is $25 on June 30.

Instruction:

(1) record the above transactions in journal entries (using the FIFO method for purchase-sale purpose);

(2) prepare and present the balance sheet (equity part) as of June 30 (assuming there is no other transaction except for the ones listed).