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Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock and 1,211,166 shares of no-par common stock. The

Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock and 1,211,166 shares of no-par common stock. The corporation assigned a $2.97 stated value to the common stock. At December 31, 2015, the ledger contained the following balances pertaining to stockholders equity.

Preferred Stock $124,000
Paid-in Capital in Excess of ParPreferred Stock 18,900
Common Stock 1,211,166
Paid-in Capital in Excess of Stated ValueCommon Stock 1,964,100
Treasury Stock (1,000 common shares) 13,000
Paid-in Capital from Treasury Stock 500
Retained Earnings 82,700

The preferred stock was issued for land having a fair value of $142,900. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $13. In December, 500 shares of treasury stock were sold for $14 per share. No dividends were declared in 2015.

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