Stockholders Equity: Transactions and Balance Sheet Presentation

The stockholders equity accounts of Windham Corporation at January 1 appear below:

8 Percent preferred stock, $30 par value, 50,000 shares authorized;
6,800 shares issued and outstanding	$204,000
Common stock, $10 par value, 200,000 shares authorized;
50,000 shares issued and outstanding	500,000
Paid-in capital in excess of par value-Preferred stock	68,000
Paid-in capital in excess of par value-Common stock	200,000
Retained earnings	270,000

During the year, the following transactions occurred:

Jan.	10	Issued 28,000 shares of common stock for $21 cash per share.
	23	Purchased 8,000 shares of common stock as treasury stock at $23 per share.
Mar.	14	Sold one-half of the treasury shares acquired January 23 for $25 per share.
July	15	Issued 3,200 shares of preferred stock in exchange for equipment with a fair market value of $128,000.
Nov.	15	Sold 1,000 of the treasury shares acquired January 23 for $28 per share.
Dec.	31	Closed the net income of $59,000 to the Retained Earnings account.

Required

a. Set up T-accounts for the stockholders equity accounts as of the beginning of the year and enter the January 1 balances.

HINT: Complete part b. below prior to entering T-account data.