1. The Collyer Corporation authorizes the issuance of 5,000,000 shares of $1 par common stock and 1,000,000 shares of 10 percent, $50 par cumulative preferred stock. Events affecting the stockholders equity section during the first year of operations (2010) are listed below.

(1.) 500,000 shares of common stock were issued for $20 per share.

(2.) 25,000 shares of preferred stock were sold at $52 per share.

(3.) A building with a fair market value of $860,000 was acquired for a cash payment of

$200,000 and 30,000 shares of common stock.

(4.) 3,000 shares of common stock were repurchased for $15 per share.

(5.) Reissued 1,000 shares of the treasury stock for $20 per share.

(6.) Collyer generated $1,500,000 of income its first year and paid no dividends.

(A.) Record the transaction described above.

(B.) Prepare the stockholders equity section of Collyer Corporation.