Identifying and Analyzing Financial Statement Effects of Stock Transactions The stockholders' equity section of XPress Media Company for the current year follows. 8% preferred stock, s25 par value 50.000 shares authorized: 12.600 shares issued and outstanding $315.000 Common stock, $10 par value. 200,000 shares authorized: 75.000 shares issued and outstanding Paid-in capital in excess of par value-preferred stock Paid-in capital in excess of par value-common stock 450,000 Retained earnings 750,000 127.500 555,000 During the year, the following transactions occurred. Jan. 10 Issued 42,000 shares of common stock for $18 cash per share. Jan. 23 Repurchased 12,000 shares of common stock at $20 cash per share. Mar. 14 Sold one-half of the treasury shares acquired January 23 for $22 cash per share. July. 15 Issued 3,900 shares of preferred stock for $192,000 cash. Nov. 15 Sold 1,500 of the treasury shares acquired January 23 for $26 cash per share. Required a. Use the financial statement effects template to indicate the effects from each of these transactions. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Liabilities Income Stat E Transaction Noncash Assets Contrib. Capital Cash Asset Revenues Earned Capital Jan. 10 Common Stock Jan. 23 . . Mar. 14 Treasury Stock July 15 Preferred Stock Nov. 15 Treasury Stock b. Prepare the stockholders' equity section of the balance sheet assuming the company reports net income of $181,500 for the current year. Note: Do not use a negative sign with any of your answers. XPRESS MEDIA COMPANY Stockholders' Equity Paid-in capital 8% preferred stock, $25 par value. 50,000 shares authorized: shares issued and outstanding $ Common stock 510 par value, 200,000 shares authorized: shares issued, (4,500 shares in treasury) $ Additional paid-in capital Paid-in capital in excess of par value-preferred stock Paid-in capital in excess of par value-common stock Paid-in capital from treasury stock Total paid-in capital Retained earnings 4.500 common shares) at cost Less: Treasury stock (r. Total stockholders' equity $ Identifying and Analyzing Financial Statement Effects of Stock Transactions The stockholders' equity section of XPress Media Company for the current year follows. 8% preferred stock, s25 par value 50.000 shares authorized: 12.600 shares issued and outstanding $315.000 Common stock, $10 par value. 200,000 shares authorized: 75.000 shares issued and outstanding Paid-in capital in excess of par value-preferred stock Paid-in capital in excess of par value-common stock 450,000 Retained earnings 750,000 127.500 555,000 During the year, the following transactions occurred. Jan. 10 Issued 42,000 shares of common stock for $18 cash per share. Jan. 23 Repurchased 12,000 shares of common stock at $20 cash per share. Mar. 14 Sold one-half of the treasury shares acquired January 23 for $22 cash per share. July. 15 Issued 3,900 shares of preferred stock for $192,000 cash. Nov. 15 Sold 1,500 of the treasury shares acquired January 23 for $26 cash per share. Required a. Use the financial statement effects template to indicate the effects from each of these transactions. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Liabilities Income Stat E Transaction Noncash Assets Contrib. Capital Cash Asset Revenues Earned Capital Jan. 10 Common Stock Jan. 23 . . Mar. 14 Treasury Stock July 15 Preferred Stock Nov. 15 Treasury Stock b. Prepare the stockholders' equity section of the balance sheet assuming the company reports net income of $181,500 for the current year. Note: Do not use a negative sign with any of your answers. XPRESS MEDIA COMPANY Stockholders' Equity Paid-in capital 8% preferred stock, $25 par value. 50,000 shares authorized: shares issued and outstanding $ Common stock 510 par value, 200,000 shares authorized: shares issued, (4,500 shares in treasury) $ Additional paid-in capital Paid-in capital in excess of par value-preferred stock Paid-in capital in excess of par value-common stock Paid-in capital from treasury stock Total paid-in capital Retained earnings 4.500 common shares) at cost Less: Treasury stock (r. Total stockholders' equity $