The Stockholders Equity section of the balance sheet of Willy Corporation on January 1, 2016, is shown below; selected transactions for the year follow:

Stockholders Equity
Preferred Stock (10% cumulative, $10 par value, 200,000 shares authorized)
Issued and Outstanding, 7,000 Shares	$	70,000
Paid-in Capital in Excess of Par Value		7,000		$	77,000
Common Stock (no-par value, $50 stated value, 100,000 shares authorized)
Issued and Outstanding, 1,000 Shares		50,000
Paid-in Capital in Excess of Stated Value		2,000			52,000
Total Paid-in Capital				$	129,000
Retained Earnings					120,000
Total Stockholders Equity				$	249,000

DATE		TRANSACTIONS
Feb.	15		Repurchased 4,200 shares of the outstanding preferred stock for $46,200 in cash. The stock is to be held as treasury stock. State law requires that an amount of retained earnings equal to the cost of treasury stock held must be appropriated. Record the purchase and the appropriation of retained earnings.
Mar.	4		Declared a 2-for-1 stock split of common stock. Each shareholder will own twice as many shares as originally owned. Stated value is reduced to $25 per share. Date of record is March 15. Date of issue of new shares is April 1.
April	1		Issued new shares called for by split.
June	17		Declared semiannual dividend of 5 percent on preferred stock, to be paid on July 12 to holders of record on June 30.
July	12		Paid cash dividend on preferred stock.
Sept.	25		Purchased 400 shares of outstanding preferred stock at $10 per share to be held as treasury stock. Record appropriated retained earnings equal to cost of the treasury stock.
Dec.	15		Declared semiannual cash dividend of 5 percent on preferred stock to be paid on January 12 to holders of record on December 30.
	15		Declared cash dividend of $1.40 per share on common stock to be paid on January 12 to holders of record on December 30.
	15		Accepted title to a tract of land with an appraised value of $140,000 from the City of Greenville. The tract is to be used as a building site for the corporations new factory.
	31		Had net income after taxes for the year of $60,000. Give the entry to close the Income Summary account.

2.	Record the transactions in general journal form. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

3. Post the beginning balances & above journal entries to the stockholders' equity accounts 10% Preferred Stock, $10 Par Account No. 301 Paid-in Capital in Excess of Account No. 305 Par Value-Preferred Date Debit Credit Balance Date Debit Credit Balance Jan 01, 2016 Jan 01, 2016 Common Stock, No-Par, Stated Value, $25 Paid-in Capital in Excess of Stated Value-Common Account No. 311 Account No. 315 Date Debit Credit Balance Date Debit Credit Balance Jan 01, 2016 Jan 01, 2016 Account No. 371 Donated Capital Date Treasury Stock-Preferred Account No. 372 Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Jan 01, 2016 4. Prepare the Stockholders' Equity section of the balance sheet. WILLY CORPORATION Balance Sheet (Partial) December 31,2016 Stockholders' equity Paid-in capital Total paid-in capital Retained earnings Total retained earnings Total stockholders' equity