Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders' equity accounts of Scott Corporation at January 1 follow: 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