Holland Incorporateds records provide the following information on January 1, 2016:

Preferred stock, $50 par (5,000 shares authorized, issued, and outstanding)	$250,000
Common stock, $10 par (20,000 shares authorized, 10,000 shares issued and outstanding)	100,000
Additional paid-in capital on preferred stock	50,000
Additional paid-in capital on common stock	80,000
Retained earnings	95,000

During 2016, the following transactions were recorded by Holland:

1.	Reacquired 250 shares of preferred stock for $53 per share.
2.	Reacquired 500 shares of common stock for $20 per share.
3.	Sold 200 shares of the common stock acquired in Transaction 2 for $27 per share.
4.	Sold 250 shares of preferred stock acquired in Transaction 1 for $59 per share.
5.	Sold 100 shares of the common stock acquired in Transaction 2 for $18 per share.

Required:

1.	Prepare journal entries to record the stock transactions of Holland assuming it uses the cost method of accounting for treasury stock.
2.	Prepare the shareholders equity section of the Holland balance sheet at December 31, 2016, assuming 2016 net income was $30,000 and dividends distributed were $10,000.
3.	Next Level Assume that Holland is using IFRS. At the end of 2016, Holland revalued its property, plant, and equipment upward by $40,000. Discuss how Hollands shareholders equity items would be different under IFRS, and then, based on your answer, repeat Requirement 2.