Stockholders Equity Transactions, Journal Entries, and T-Accounts

The stockholders equity of Fremantle Corporation at January 1 follows:

8 Percent preferred stock, $90 par value, 20,000 shares
authorized; 4,000 shares issued and outstanding	$360,000
Common stock, $3 par value, 10,000 shares
authorized; 40,000 shares issued and outstanding	120,000
Paid-in capital in excess of par value-Preferred stock	200,000
Paid-in capital in excess of par value-Common stock	800,000
Retained earnings	550,000
Total Stockholders' Equity	$2,030,000

The following transactions, among others, occurred during the year:

Jan.	1	Announced a 2-for-1 common stock split, reducing the par value of the common stock to $1.50 per share.
Mar.	31	Converted $60,000 face value of convertible bonds payable (the book value of the bonds was $63,000) to common stock. Each $1,000 bond converted to 125 shares of common stock.
June	1	Acquired equipment with a fair market value of $50,000 in exchange for 300 shares of preferred stock.
Sept.	1	Acquired 10,000 shares of common stock for cash at $25 per share.
Nov.	21	Issued 5,000 shares of common stock at $27 cash per share.
Dec.	28	Sold 1,000 treasury shares at $28 per share.
	31	Closed net income of $105,000, 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 any additional T-account data.

Stockholder's equity section Dn not use negative signs with answers