Please see attachment. On January 1, Arcola Company issues 7,000 shares of $100 par value preferred stock at $300 cash per share. On March 1, the company repurchases 7,000 shares of previously issued $1 par value common stock at $156 cash per share. Use the financial statement effects template to record these two transactions.

Use negative signs with answers, if appropriate.

Balance SheetIncome StatementNoncashContrib.EarnedTransactionCash Asset+Assets=Liabilities+Captial+CapitalRevenues-Expenses=Net incomeIssue shares of preferred stockAnswer