Carl Corporation has the following beginning balances in its stockholders equity accounts on January 1: Common Stock ($1 Par), $15,000; Additional Paid-in Capital, $675,000; and Retained Earnings, $200,000.

Carl has the following transactions affecting stockholders equity in the year.

March 1 Issues 6,000 additional shares of $1 par value common stock for $50 per share.

May 10 Repurchases 1,000 shares of treasury stock for $58 per share.

June 21 Reissues 500 shares of treasury stock purchased on May 10 for $62 per share.

July 1 Declares a cash dividend of $0.50 per share to all stockholders.

October 1 Pays the cash dividend declared on July 1.

Net income for the year ended December 31 is $50,000.

Write journal entries for each equity transaction.

Prepare a statement of stockholder equity.

The stockholders equity section of Velcro World is presented here.

VELCRO WORLD Balance Sheet (partial)
($ and shares in thousands)
Stockholders equity:
Preferred stock, $1 par value	$6,000
Common stock, $1 par value	30,000
Additional paid-in capital	1,164,000
Total paid-in capital	1,200,000
Retained earnings	288,000
Treasury stock, 11,000 common shares	(352,000)
Total stockholders equity	$1,136,000

1.	How many shares of preferred stock have been issued?
2.	How many shares of common stock have been issued?
3.	If the common shares were issued at $30 per share, at what average price per share were the preferred shares issued?
4.	If retained earnings at the beginning of the period was $250 million and $30 million was paid in dividends during the year, what was the net income for the year?