Stockholders$$ Equity: Transactions and Balance Sheet Presentation

The stockholders$$ equity accounts of Scott Corporation at January $1$ follow:

Common stock, $$5$ par value, $350,000$ shares authorized;

$150,000$ shares issued and outstanding $$750,000$

Paid$-$in capital in excess of par value $600,000$

Retained earnings $346,000$

During the year, the following transactions occurred:

Jan. $5$ Issued $10,000$ shares of common stock for cash at $$12$ per share.

Jan. $18$ Purchased and retired $4,000$ shares of common stock at $$14$ per share.

Oct. $1$ Issued $5,000$ shares of $8\%,$ $$25$ par value preferred stock for $$35$ cash per share.

These are the first preferred shared issued out of the $50,000$ authorized shares.

Dec. $31$ Closed the net income of $$72,500$ to the Retained Earnings account.

a$.$ Enter the beginning balances and the current year activity in the stockholders' equity accounts in the analysis template below. Enter decreases in account balances as negative numbers. TIP: Use the balances at Jan. $1$ to determine the original issue price.