The following events occurred during 2019: Jan. 510,000 shares of authorized and unissued common stock were sold for $8 per share. 1610,000 shares of authorized and unissued preferred stock were sold for $109 per share. Apr. 180,000 shares of common stock were repurchased for the treasury at a price of $19 per share. Superior uses the cost method to account for treasury stock. Sep. 13,000 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $336,000. The preferred stock currently trades on the New York Stock Exchange at a price of $109 per share. Dec. 125,000 shares of treasury stock are reissued at a price of $24 per share. Required: 1) Prepare journal entries for each of the above transactions. 2) Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2019