The shareholders equity section of Superior Corporations balance sheet as of December 31, 2015, is as follows:

Shareholders Equity

Preferred stock, $100 par value; authorized, 300,000 shares; issued, 32,500 shares

$3,250,000

Common stock, $5 par value; authorized, 2,000,000 shares; issued, 442,000 shares

2,210,000

Paid-in capital in excess of parpreferred

87,000

Paid-in capital in excess of parcommon

875,000

Retained earnings

2,980,000

The following events occurred during 2016:

Jan. 5	10,000 shares of authorized and unissued common stock were sold for $6 per share.
16	12,000 shares of authorized and unissued preferred stock were sold for $107 per share.
Apr. 1	78,000 shares of common stock were repurchased for the treasury at a price of $17 per share. Superior uses the cost method to account for treasury stock.
Sept. 1	2,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $280,500. The preferred stock currently trades on the New York Stock Exchange at a price of $109 per share.
Dec. 1	25,000 shares of treasury stock are reissued at a price of $25 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, 2016.
3.	Calculate Superiors legal capital on December 31, 2016.

$9,402,000