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 Paid-in capital in excess of par value (common stock) Retained eaming $750,000 600,000 346.000 During the year, the following transactions occurred: Jan 5 issued 10,000 shares of common stock for $15 cash per share 18 Purchased 4,000 shares of common stock as treasury stock at $17 cash per share Mar 12 Sold one-fourth of the treasury shares acquired January 18 for $21 per share July 17 Sold 500 shares of the remaining treasury stock for $16 per share Oct. 1 Issued 5,000 shares of eight percent $25 par value preferred stock for $38 cash per share These are the first preferred shares issued out of 50.000 authorized shares. Dec. 31 Closed the net income of $74.500 to the Retained Earnings account Required Prepare journal entries to record the foregoing transactions and post to T-accounts. Do not prepare the journal entry for the Dec. 31 transaction, but post the appropriate amount to the Retained Earnings T-account. Determine the ending balances for the stockholders' equity accounts. Prepare the December 31 stockholders' equity section of the balance sheet.