Sept 1 3,000 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $325,000. The preferred stock currently trades on the New York Stock Exchange at a price of $105 per share. 27,000 shares of treasury stock are reissued at a price of $25 per share. Dec. 1 Required: 1. Prepare journal entries for each of the above transactions. 2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2016. 3. Calculate Superior's legal capital at December 31, 2016. DATE ACCOUNT TITLE POST. REF DEBIT CREDIT 10 12 13 14 Analysis Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2016 Authorized common shares Issued Outstanding shares shares shares Calculate Superior's legal capital at December 31, 2016. Total legal capital s