e el Presentation The stockholders' equity accounts of Willis Corporation at January 1 appear below: 8 Percent preferred stock, 510 par value, 50,000 shares authorized: 6,800 shares issued and outstanding $68,000 Common stock, $10 par value, 200,000 shares authorized 50,000 shares issued and outstanding Paid-in capital in excess of par value-Preferred stock Paid in capital in excess of par value-Common stock Retained earnings During the year, the following transactions occurred: Jan. 10 Issued 35,000 shares of common stock for $18 cash per share. 23 Purchased 10,000 shares of common stock as treasury stock at 519 per share Mar. 14 Sold one half of the treasury shares acquired January 23 for $21 per share. July 15 Issued 3.500 shares of preferred stock in exchange for equipment with a fair market value of $128.000 Nov. 15 Sold 1,000 of the treasury shares acquired January 23 for $24 per share Dec. 31 Closed the net income of 559,000 to the Retained Earnings account a. Set up T-accounts for the stockholders' equity accounts as of the beginning of the year and enter the January 1 balances HINT: Complete part b. below prior to entering T-account data. Preferred Stock Common Stock Bee 0 0 Bez 0 Jul. 15 0 0 an 10 Bal. 0 0 01 OOOO Equipment 0 Paid-in-Capital in Excess of Par Value - Preferred Stock Paid-in-Capital in Excess of Par Value - Common Stock ults 0 Jan. 10 JUL 15 BA Paldin Capital from Treasury Stock Treasury Stock jan. 23 Mar 14 Nov 15 Nov. 15 b. Prepare journal entries to record the foregoing transactions and post to T-accounts above in part a. Do not prepare the journal entry for the Dec. 31 transaction, but post the appropriate amount to the Retained Earnings T-account. Determine the ending balances for the stockholders' equity accounts. General Journal Description Debit Credit 10 Common Stock Issued common stock Jan 23 Purchased treasury stock. Mar. 14 Treasury Stock - Common Sold treasury stock Jul 15 Paid-in-Capital in Excess of Par Value Preferred Stock issued preferred stock for equipment Nov.is Treasury Stock Common To record sale of treasury stock c. Prepare the December 31 stockholders' equity section of the balance sheet. Do not use negative signs with your answers, Stockholders' Equity Paid in Capital Additional Paid-in-Capital Paid-in-Capital in Excess of Par value-Preferred Stock Paid-in-Capital in excess of Par value - Common Stock Less: Treasury Stock-Common