Practice Quiz - Corporations James Enterprises, Inc. manufactures bathroom fixtures. The Stockholder's Equity accounts at January 1, 2016 are as follows: Common stock, $10 par value, 10,000 shares issued $100,000 Paid-in Capital in Excess of Par Value - Common Stock 40,000 Retained earnings 840,000 A. Journalize the following selected transactions which occurred during 2016: 1. Issued 5,000 shares of common stock for $90,000. 2. Issued 3,000 shares of preferred stock with a par value of $50, for $75 per share. 3. Purchased 2,000 shares of treasury stock for $40,000. 4. Reissued 1,500 shares of treasury stock at $22 per share. 5. Declared cash dividends of $0.20 per share on common stock and $1.00 per share on preferred stock. 6. Paid the cash dividends in #5 above. 7. Prepared necessary closing entries (Revenue = $205,000, Expense = $80,000) (Hint: Use T-accounts) B. Determine total Retained Earnings and Stockholder's Equity at December 31, 2016. C. At December 31, what are the number of (i) issued shares and (ii) issued and outstanding shares of common stock