Problem 13-6A.

Irwin Corporation has been authorized to issue 21,00 shares of $100 par value, 10%, noncumulative preferred stock and 1,087,500 shares of no-par common stock. The corporation assigned a $2.90 stated value to the common stock. At December 3, 2014, the ledger contained the following balances pertaining to stockholders' equity.

Preferred Stock	$129,000
Paid-in CApital in EXcess of Par-Preferred Stock	12,100
Common Stock	1,087,500
Paid-in Caapital in Excess of Stated Value-Common Stock	1,983,900
Treasury Stock (800 common shares)	11,200
Paid-in Capital from Treasury Stock	400
Retained Earnings	84,400

The Preferred Stock was issued for land having a fair value of $141,000. 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 $14. In December, 400 shares of treasury stock were sold $15 per share. No dividends were declared in 2014.

A. Prepare the journal entries for the:

(1) Issuance of preferred stock for land.

(2) Issuance of common stock for cash.

(3) Purchase of common treasury stock for cash.

(4) Sale of treasury stock for cash.

b. Prepare the stockholders's equity section at December31, 2014.