month january 10, 2015, the company issued 100,000 shares of its $5 par common stock for $8 per share and 20,000 shares of its $40 par, 6 percent preferred stock for $48 per share.

month march 1, the company issued 10,000 shares of common and 4,000 shares of preferred for $330,000. the market value of the common stock and the preferred stock on march 1, was $10 and $50 respectively.

month june 1, the company issued 8,000 shares of common stock to its legal counsel as payment for legal services. the legal counsel had billed for 1,000 hours and the normal billing fee is $100 to $120 per hour. the market price of the common stock on june 1 was $11 per share.

month july 1, 5,000 shares of common stock were purchased as treasury stock at $14 per share.

month december 15, the board of directors voted to pay the annual cash dividend to preferred stockholders at january 20, 2016.

month december 31, the company determined that its income for the year was $405,000

record the journal entries for these transactions for 2015.

create the stockholders' equity section of the balance sheet of december 31, 2015