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Name ID 1. Turner Corporation has two classes of stock authorized: 696, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during its first year of operations: January 2 Issues 10,000 shares of common stock for $20 per share. February 6 Issues 1,000 shares of 6% preferred stock for $ 13 per share. September 10 Repurchases 2,000 shares of its own common stock for $40 per share. December 15 Reissues 1,000 shares of treasury stock at $50 per share. In its first year of operations, Turner Corporation has net income of $20,000 and pays dividends at the end of the year of $9,000 (SI per share) on all common shares outstanding and $600 on all preferred shares outstanding. A. Record Journal Entries Date General Journal Debit Credit