Preferred stock, $100 par value; authorized, 300,000 shares; issued, 30,000 shares		$3,000,000
Common stock, $5 par value; authorized, 2,000,000 shares; issued, 400,000 shares		2,000,000
Paid-in capital in excess of parpreferred		150,000
Paid-in capital in excess of parcommon		850,000
Retained earnings		2,200,000
		$8,200,000

The following events occurred during 2013:

Jan. 5	50,000 shares of authorized and unissued common stock were sold for $10 per share.
Jan. 16	50,000 shares of authorized and unissued preferred stock were sold for $109 per share.
April 1	80,000 shares of common stock were repurchased for the treasury at a price of $15 per share. Superior uses the cost method to account for treasury stock.
Sept. 1	3,000 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $333,000. The preferred stock currently trades on the New York Stock exchange at a price of $109 per share.
Dec. 1	20,000 shares of treasury stock are reissued at a price of $20 per share

Required:

1. Prepare journal entries for each of the above transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2013.

Authorized common shares

issued shares