Part A Directions: Prepare journal entries for the following 2017 equity account related transactions. Feb 1 Issued 10,000 shares of $5 par value common stock at $30 cash per share. Jul 1 Issued 10,000 shares of $25 par value preferred stock at $120 cash per share Aug 1 Purchased back 3,000 shares of common stock at $31 cash per share. Oct 1 Resold 1,200 shares of treasury stock at $32 cash per share. Nov 1 Issued 2000 shares of common stock in exchange for equipment valued at $25,000.

Part B Directions: Complete the equity section of the 2017 Balance Sheet. There are 100,000 preferred shares authorized
and 100,000 common share authorized. Ending Retained Earnings = $295,000.
	Balance Sheet - Stockholder's section
	Paid-in Capital:
	Preferred Stock, $25 par, 100,000 shares authorized, 10,000 shares issued
	and outstanding
	Common Stock, $5 par, 100,000 shares authoirzed, 7000 shares issues with
	1800 shares in Treasury
	Additional Paid-in Capital:
	Paid in capital in excess of par, Preferred Stock
	Paid in capital in excess of par, Common Stock
	Paid in capital in excess of par, Treasury Stock
	Retained Earnings
	Less: Treasury Stock
	Total Stockholder's Equity