Comprehensive

The shareholders' equity section of Superior Corporation's balance sheet as of December 31, 2012, is as follows:

Shareholders Equity

Preferred stock, $100 par value; authorized, 270,000 shares; issued, 27,000 shares	$2,700,000
Common stock, $5 par value; authorized, 1,800,000 shares; issued, 360,000 shares	1,800,000
Paid-in capital in excess of parpreferred	81,000
Paid-in capital in excess of parcommon	765,000
Retained earnings	2,700,000
Total	$8,046,000

The following events occurred during 2013:
Jan. 5	20,000 shares of authorized and unissued common stock were sold for $8 per share.
Jan. 16	20,000 shares of authorized and unissued preferred stock were sold for $106 per share.
April 1	70,000 shares of common stock were repurchased for the treasury at a price of $20 per share. Superior uses the cost method to account for treasury stock.
Sept. 1	5,000 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $535,000. The preferred stock currently trades on the New York Stock exchange at a price of $106 per share.
Dec. 1	15,000 shares of treasury stock are reissued at a price of $25 per share

1. Prepare journal entries for each of the above transactions.

Jan. 5	Cash	$ ?????
	Common Stock		$ ?????
	Additional Paid-in Capital on Common Stock		$ ?????
Jan. 16	Cash	$ ?????
	Preferred Stock		$ ?????
	Additional Paid-in Capital on Preferred Stock		$ ?????
April 1	Treasury Stock	$ ?????
	Cash		$ ?????
Sept. 1	Land	$ ?????
	Preferred Stock		$ ?????
	Additional Paid-in Capital on Preferred Stock		$ ?????
Dec. 1	Cash	$ ?????
	Treasury Stock		$ ?????
	Additional Paid-in Capital on Treasury Stock		$ ?????

2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2013.

Authorized common shares:	????? Shares
Issued shares:	????? Shares
Outstanding shares:	????? Shares

3. Calculate Superior's legal capital at December 31, 2013.

Total legal Capital : $ ?????