Instructions

Stockholders' equity accounts and other related accounts of Gonzales Company as of January $1,20--,$ the beginning of its fiscal year, are shown below.

Preferred stock subscriptions receivable

Preferred stock, $$10$ par, $9\%(200,000$ shares authorized; $20,000$ shares issued$)$

Preferred stock subscribed $(10,000$ shares$)$

Paid$-$in capital in excess of par$-$preferred stock

Common stock, $$10$ par $(100,000$ shares authorized; $60,000$ shares issued$)$

Paid$-$in capital in excess of par$-$common stock

Retained earnings

$$50,000$

$200,000$

$100,000$

$40,000$

$600,000$

$250,000$

$750,000$

During $20--,$ Gonzales Company completed the following transactions affecting stockholders' equity:

Transactions:

$($a$)$ Received $$20,000$ for the balance due on subscriptions for preferred stock with a par value of $$40,000$

and issued the stock.

$($b$)$ Purchased $10,000$ shares of common treasury stock for $$18$ per share.

$($c$)$ Received subscriptions for $10,000$ shares of common stock at $$19$ per share, collecting down payments

of $$45,000.$