The following are equity-related transactions of KCS Corporation in 2019: June 7: KCS Corp. issued 50,000 shares of common stocks with an IPO. The par value per share was $1.50 and the IPO price per share was $18. June 15: KCS Corp. issued 10,000 shares of preferred stock (5% cumulative). The par value was $100 and the IPO price per share was $120. Sept 22: KCS Corp. bought 6,000 of its own shares (of common stocks) back from the market. KCS Corp. paid $25.40 per share at the stock buyback process. Nov 6: KCS Corp. reissued 2,500 shares (of Treasury Stocks) at the price of $30 per share. Dec 14: KCS Corp. reissued 1,500 shares (of Treasury Stocks) at the price of $28 per share.

a. (14 Points) Please prepare the journal entries for the abovementioned transactions.

b. (10 Points) Please prepare the Stockholders Equity section of the balance sheet for KCS Corporation. (Assume that the Retained Earnings after the closing process is $122,800)