Following is the stockholders equity section of Herrera Corporation at December $31,20$X$6$

$8\%$ preferred stock, $$50$ par value, $10,000$ shares authorized; $8,000$ shares issued and outstanding. $..................$ $ $400,000$

Common stock, $$20$ par value, $50,000$ shares authorized; $25,000$ shares issued and outstanding. $.................500,000$ Paid$-$in capital in excess of par value$-$preferred stock. $........70,000$ Paid$-$in capital in excess of par value$-$common stock. $........385,000$ Retained earnings $...................................238,000$ Total stockholders' equity

The following transactions, among others, occurred in $207.$

Jan $15-$ Issued $1,000$ shares of preferred stock for $$60$ cash per share.

Jan $20-$ Issued $4,000$ shares of common stock at $$34$ cash per share.

May $18-$ announced a $2-$for$-1$ common stock split, reducing the par value of the common stock to $$10$ per share. The number of shares authorized was increased to $100,000$ shares.

June $1-$ Issued $2,000$ shares of common stock for $$56,000$ cash.

Sept $1-$ Repurchased $2,500$ shares of common stock for $$16$ cash per share.

Oct $12-$ Sold $900$ treasury shares at $$19$ cash per share.

Dec $22-$ Issued $500$ shares of preferred stock for $$57$ cash per share.

For the above entries, outline the effects of each transaction and the related journal entries. Also prepare the Statement of Equity at year$-$end, rolling forward from December $31,20$X$6$ as provided to December $31,207.$