On January 1, 2013, Fascom had the following account balances in its shareholders' equity accounts.

During 2013, Fascom Inc. had several transactions relating to common stock. Required: 1. Preparing journal entries for the above transactions.

2. Prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2013. Assume net income is $500,000 for 2013.

Common stock, $1 par, 250,000 shares issued Paid-in capital excess of par. common Paid-in capital-excess of par, common Paid-in capital -excess of par, preferred Preferred stock, $100 par, 10,000 shares outstanding Retained earnings Treasury stock, at cost, 5,000 shares 250,000 500,000 100,000 1,000.000 2,000,000 25,000