During Its second year of operations, Panzarella Corporation entered into several transactions relating to shareholders' equity. The articles of incorporation authorized the issue of $7,000,000$ common shares, $$250$ par per share, and $900,000$ preferred shares. $$30\mathrm{.}00$ par per share. Its balance sheet at December $31$ of the prior year follows.

Required:

Prepare the approprlate journal entry for each of the following transactions:

February $1$ Sold $1,750,000$ comon shares for $$15\mathrm{.}00$ per share.

Apr$111$ Reacquired $35,080$ comon shares to be held in treasury at $$17\mathrm{.}00$ per share.

May $1$ Sold $7,6$ee of its treasury shares for $$18\mathrm{.}70$ per share.

Septerber $1$ sold $10,500$ of its treasury shares for $$13\mathrm{.}60$ per share.

$2$ Prepare the shareholders' equity section of the December $31$ balance sheet for the current year ended December $31.$

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