The following transactions relate to XYZ Inc. Prepare journal entries for each transaction. Prepare the equity section of the balance sheet at each year-end, December 31. Assume 2015 was XYZ Inc.s first year of operations.

XYZ Inc. issued 1,000 shares of $1 par value common stock for $70 per share on January 1, 2015.

XYZ Inc. issued 500 shares of no par value, $5, non-cumulative preferred stock for $50 per share on January 1, 2015.

XYZ Inc. reported net income of $2,000 during 2015 and paid no dividends.

Part a) Prepare the companys equity section of the December 31, 2015, balance sheet.

Part b) Stockholders Eq. :

__________________________

__________________________

__________________________

__________________________

Total Stockholders Eq. =

On January 1, 2016, XYZ Inc. purchased 200 shares of its common stock for $60 per share.

On December 15, 2016, XYZ Inc. declared and paid dividends totaling $6,600 during 2016.

Part a) Prepare the companys equity section of the December 31, 2015, balance sheet.

Part b) Class of Stock: Total Dividend Dividend Per Share

Preferred: ___________ ____________

Common: ___________ ____________

XYZ Inc. reported net income of $20,000 during 2016.

Part a) Prepare the companys equity section of the December 31, 2015, balance sheet.

Part b) Stockholders Eq. :

__________________________

__________________________

__________________________

__________________________

Total Stockholders Eq. =

Thank You for your help!