Item $1$: On January $1,2025,$ Entity $L$ had $75,000$ shares of $$1$ par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar. $1$ Issued $60,000$ shares of common stock for $$675,000.$

June $1$ Declared a cash dividend of $$2\mathrm{.}50$ per share to stockholders of record on June $15$

June $30$ Paid the $$2\mathrm{.}50$ cash dividend

Dec. $1$ Purchased $900$ shares of common stock for the treasury for $$18$ per share

Instructions: Prepare journal entries to record the above transactions. Show your calculations.

Item $2$: What is total stockholders' equity based on the following account balances of Entity M at December $31,2025?$ Construct a partial balance sheet of the stockholders' equity section of the balance sheet in good form.

Bonds payable

Common stock

$$10$ par, $150,000$ sh$.$ issued, $?$ sh$.$ outstanding.. $1,500,000$ outstanding

Paid$-$in capital in excess of par.

Treasury stock shares at cost$)$

$120,000$

Retained earnings

$60,000$

Accounts payable

$570,000$

$367,000$

Instructions: Construct a partial balance sheet of the stockholders' equity section of the balance sheet in good form. You must show work. Be sure to include the number of outstanding shares of common stock.$---------------$

PLEASE SHOW ALL WORK