The stockholders' equity section of Gupta Company at December 31, 2013 follows:

8% preferred stock, $25 par value, 50,000 shares authorized; 7,200 shares issued and outstanding....... $180,000

Common Stock, $10 par value, 200,000 shares authorized; 40,000 shares issued and outstanding..... $400,000

Paid-In capital excess of par value (preferred)......... $68,000

Pain-IN capital in excess par value (common).... $200,000

Retained Earnings... $280,000

During 2014, the following transactions ocurred:

Jan 10 Issued 28,000 shares of common stock for $16 per share

Jan 23 Repurchased 8,000 shares of common stock at $18 per share

Mar 14 Sold half of the treasury shares acquired Jan 23 for $20 per share

July 15 Issued 2,800 shares of preferred stock for $128,000 cash

Nov 15 Sold 1,000 of the treasury shares acquired Jan 23 for $24 per share

Questions:

a0 Use the financial statement effects template to indicate the effects from cash of these transactions.

b) Prepare the December 31, 2014, stockholders' equity section of the balance sheet assuming the company reports 2014 net income of $62,000.