Scroll down to complete all parts of this task. Quonset, Inc., is a public company whose shares are actively traded in the over-the-counter market. The company's shareholders' equity balances at December 31, Year 1, were as follows: Common stock ($1 par value; 1,650,000 shares authorized; 850,000 shares issued and outstanding) Additional paid-in capital Retained earnings Total shareholders' equity $ 850,000 3,100,000 3,700,000 $7,650,000 During the year ended December 31, Year 2, transactions and other information relating to Quonset's shareholders' equity were as follows: On February 1, Year 2, Quonset issued 13,000 shares of common stock to Carson Co. in exchange for land. On the date issued, the stock had a market price of $13 per share. The land had a carrying amount on Carson's books of $140,000 and an assessed value for property taxes of $95,000. On March 5, Year 2, Quonset purchased 21,000 of its shares to hold as treasury stock at $12 per share. The shares were originally issued at $13 per share. Quonset uses the cost method to account for treasury stock. Treasury stock is permitted in Quonset's state of incorporation. On June 5, Year 2, Quonset declared a property dividend of inventory and no other dividends. The inventory had a $65,000 carrying amount and a $55,000 fair value. For the year ended December 31, Year 2, Quonset's net income was $200,000. Enter the December 31, Year 2, balances of the following accounts in the designated cells below. Enter all amounts as positive values. Enter the December 31, Year 2, balances of the following accounts in the designated cells below. Enter all amounts as positive values. Item Answer 1. Common shares issued and outstanding 2. Common stock 3. Additional paid-in capital 4. Retained earnings 5. Treasury stock 6. Total shareholders' equity