Prepare the stockholders equity section at December 31, 2015.

Irwin Corporation has been authorized to issue 20, 500 shares of $100 par value, 10%, noncumulative preferred stock and 997, 966 shares of no-par common stock. The corporation assigned a $2.54 stated value to the common stock. At December 31, 2015, the ledger contained the following balances pertaining to stockholders' equity. The preferred stock was issued for land having a fair value of $143,000. All common stock issued was for cash. In November, 1, 200 shares of common stock were purchased for the treasury at a per share cost of $15. In December, 400 shares of treasury stock were sold for $16 per share. No dividends were declared in 2015. Prepare the journal entries for the(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)