On January 1^st. 2020, the extract below was taken from the Shareholders Equity Section of the X Company's Balance Sheet:-

Preferred Shares, 8%, $100 par value , 10,000 shares authorized,

4,000 sharesissued...................................................................$400,000

Common shares, $2 par value, 200,000 shares authorized,

80,000 sharesissued.................................................................160,000

During 2020 the following transactions tookplace:-

1. Equipment was purchased in exchange for 100 common shares. The shares fair market value on the date of exchange was $12 pershare.
2. Sold 1,000 common shares and 100 preferred shares for the lump sum price of $24,500. The common shares had a market value of $14 per share at the time of sale.
3. Sold 2,000 preferred shares for cash at $102 per share.