The stockholders$$ equity accounts of Windham Corporation at January $1$ appear below:

$8$ Percent preferred stock, $$25$ par value, $50,000$ shares authorized;

$6,800$ shares issued and outstanding $$170,000$

Common stock, $$10$ par value, $200,000$ shares authorized;

$50,000$ shares issued and outstanding $500,000$

Paid$-$in capital in excess of par value$$Preferred stock $68,000$

Paid$-$in capital in excess of par value$$Common stock $200,000$

Retained earnings $270,000$

During the year, the following transactions occurred:

Jan. $10$ Issued $35,000$ shares of common stock for $$17$ cash per share.

$23$ Purchased $10,000$ shares of common stock as treasury stock at $$19$ per share.

Mar. $14$ Sold one$-$half of the treasury shares acquired January $23$ for $$21$ per share.

July $15$ Issued $3,500$ shares of preferred stock in exchange for equipment with a fair market value of $$128,000.$

Nov. $15$ Sold $2,000$ of the treasury shares acquired January $23$ for $$24$ per share.

Dec. $31$ Closed the net income of $$59,000$ to the Retained Earnings account.

Required

Prepare journal entries to record the foregoing transactions and post to T$-$accounts. Do not prepare the journal entry for the Dec. $31$ transaction, but post the appropriate amount to the Retained Earnings T$-$account. Determine the ending balances for the stockholders$$ equity accounts.

Prepare the December $31$ stockholders$$ equity section of the balance sheet.