The Stockholders Equity section of the balance sheet of Willy Corporation on January 1, 2019, 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, 8,800 Shares	$	88,000
Paid-in Capital in Excess of Par Value		8,800		$	96,800
Common Stock (no-par value, $50 stated value, 280,000 shares authorized)
Issued and Outstanding, 2,800 Shares		140,000
Paid-in Capital in Excess of Stated Value		5,600			145,600
Total Paid-in Capital				$	242,400
Retained Earnings					138,000
Total Stockholders Equity				$	380,400

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 $1.20 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 $158,000 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 $78,000. Give the entry to close the Income Summary account.

Required:

1. Open the stockholders equity accounts in the general ledger and enter the beginning balances. In addition to the accounts listed, open the following accounts: Donated Capital, Treasury StockPreferred, Retained EarningsAppropriated for Treasury Stock.
2. Record the transactions in general journal form. 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.)
   1. Record the purchase of treasury stock.
   2. Record the appropriation for treasury stock.
   3. Record the stock split.
   4. Record the issuance of new shares as a result of the stock split.
   5. Record the declaration of the dividend on preferred stock on June 17.
   6. Record the entry on the date of record for the dividend declared on June 17.
   7. Record the payment of the dividend on July 12.
   8. Record the purchase of treasury stock on September 25.
   9. Record the appropriation for treasury stock.
   10. Record the declaration of the dividend on preferred stock on December 15.
   11. Record the declaration of the dividend on common stock on December 15.
   12. Record the donation of land.
   13. Record the entry on the date of record for the dividend declared on December 30.
   14. Record the adjustment to Income summary.
3. Post the transactions to the stockholders equity accounts. Post the beginning balances & the above transactions to the stockholders equity accounts.
4. Prepare the Stockholders Equity section of the balance sheet.

Analyze: If Willy Corporation had not repurchased preferred stock to place in treasury, what total stockholders equity would be reported on December 31, 2019?