National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders equity during 2015, National Leagues first year of operations:

February	2	Issue 1.1 million shares of common stock for $26 per share.
February	4	Issue 510,000 shares of preferred stock for $23 per share.
June	15	Repurchase 110,000 shares of its own common stock for $21 per share.
August	15	Reissue 82,500 shares of treasury stock for $36 per share.
November	1	Declare a cash dividend on its common stock of $1.10 per share and a $408,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders on record on November 15. (Hint: Dividends are not paid on treasury stock.)
November	30	Pay the dividends declared on November 1.

a)Record each of these transactions to the journal worksheet.

b) Prepare the stockholders equity section of the balance sheet as of December 31, 2015. Net income for the year was $4,810,000. (Amounts to be deducted should be indicated by a minus sign.) Record preferred stock, common stock,additional paid in capital, total paid in capital, retained earningbs, treasury stock etc.