The stockholders equity accounts of Lore Corporation on January 1, 2015, were as follows. Preferred Stock (10%, $100 par, noncumulative, 5,000 shares authorized)	$300,000
Common Stock ($5 stated value, 300,000 shares authorized)	1,000,000
Paid-in Capital in Excess of ParPreferred Stock	20,000
Paid-in Capital in Excess of Stated ValueCommon Stock	425,000
Retained Earnings	488,000
Treasury Stock (5,000 common shares)	40,000

During 2015, the corporation had the following transactions and events pertaining to its stockholders equity.

February 1	Issued 3,000 shares of common stock for $25,500.
March 20	Purchased 1,500 additional shares of common treasury stock at $8 per share.
June 14	Sold 4,000 shares of treasury stockcommon for $36,000.
September 3	Issued 2,000 shares of common stock for a patent valued at $19,000.
December 31	Determined that net income for the year was $350,000.

Instructions

Journalize the transactions and the closing entry for net income.

Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts. (Use J1 as the posting reference.)

Prepare a stockholders equity section at December 31, 2015.

The stockholders equity accounts of Lore Corporation on January 1, 2015, were as follows.