L01) P15.2 McDougall Corporation is authorized to issue 500,000 shares of $40 par value, 10 percent cumulative preferred stock and 2,000,000 shares of $0.01 par value common stock. The following transactions summarize the events affecting its capital stock accounts during its first year of operations: 1. The company issued 800,000 shares of common stock for cash of $20 per share. 2. 100,000 shares of preferred stock were sold for cash of $44 per share. 3. McDougall repurchased and held as treasury stock 10,000 shares of its own common stock at $19 per share. 4. 2,000 shares of the treasury stock were reissued at $23 per share. Required: A. Make the entries to record these events. B. Prepare the shareholders' equity section of McDougall's balance sheet assuming Retained Earnings has a credit balance of $276,000