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Stockholders Equity: Information and Entries from Comparative Data Comparative stockholders equity sections from two successive years of balance sheets from Smiley, Inc., are as follows:

Stockholders Equity: Information and Entries from Comparative Data Comparative stockholders equity sections from two successive years of balance sheets from Smiley, Inc., are as follows:

Dec. 31, 2012 Dec. 31, 2011
Paid-in Capital
8 Percent preferred stock, $50 par value, authorized 20,000 shares;
issued and outstanding, 2011: 8,000 shares; 2012: 12,000 shares $600,000 $400,000
Common stock, no-par value, $20 stated value, authorized 80,000
shares; issued, 2011: 32,000 shares; 2012: 40,000 shares 800,000 640,000
Additional Paid-in Capital
In excess of par valuePreferred stock 224,000 144,000
In excess of stated valueCommon stock 232,000 160,000
From treasury stock 21,000
Retained earnings 300,000 229,000
$1,573,000
Less: Treasury stock (7,000 shares common) at cost 0 196,000
Total Stockholders Equity $2,177,000 $1,377,000

No dividends were declared or paid during 2012. Required Prepare the journal entries for the transactions affecting stockholders equity that occurred during 2012. Do not prepare the journal entry for closing net income to retained earnings. Assume that any share transactions were for cash.

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