Stockholders Equity: Transactions and Balance Sheet Presentation The stockholders equity

accounts of Windham Corporation at January 1 appear below:

8 Percent preferred stock, $25 par value, 50,000 shares authorized; Common stock, $10 par value, 200,000 shares authorized; Paid-in capital in excess of par value-Preferred stock . . . . . . . . . . . . . . .. . . . . . . .. . 500,000 68,000 200,000 270,000 Paid-in capital in excess of par value-Common stock . . . . . . . . . . . . . . . . . . . . . . During the year, the following transactions occurred Jan. 10 Issued 35,000 shares of common stock for $17 cash per share. Mar. 14 Sold one-half of the treasury shares acquired January 23 for $21 per share. 23 Purchased 10,000 shares of common stock as treasury stock at $19 per share. July 15 Issued 3,500 shares of preferred stock in exchange for equipment with a fair market value of $128,000 15 Sold 2,000 of the treasury shares acquired January 23 for $24 per share 31 Closed the net income of $59,000 to the Retained Earnings account Nov. Dec. Required a. Set up T-accounts for the stockholders' equity accounts as of the beginning of the year and enter the January 1 balances Prepare journal entries to record the foregoing transactions and post to T-accounts (set up any additional T-accounts needed). 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 b. c. Prepare the December 31 stockholders' equity section of the balance sheet