Irwin Corporation has been authorized to issue 21,000 shares of $100 par value, 10% noncumulative preferred stock and 1,071,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity.

Preferred Stock $100,000

Paid-in-capital in excess of par-preferred stock 43,000

Common stock 1,071,200

Paid-in capital in excess of stated value-common stock 2,039,400

Treasury stock (267 common shares) 2,937

Paid in capital from treasury stock 399

Retained earnings 83,000

The preferred stock was issued for land having a fair value of $143,000. All common stock issued was for cash. In November, 400 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 133 shares of treasury stock were sold for $14 per share. No dividends were declared in 2017.

a) Prepare the journal entries for 1)issuance of preferred stock for land. 2) issuance of common stock for cash 3)purchase of common treasury stock for cash 4) sale of treasury stock for cash

b)prepare the stockholders' equity section at December 31, 2017