The stockholders' equity section of XPress Media Company for the current year follows. $210,000 8% preferred stock, $25 par value, 50,000 shares authorized; 8,400 shares issued and outstanding Common stock, $10 par value, 200,000 shares authorized: 50,000 shares issued and outstanding Paid-in capital in excess of par value-preferred stock Paid-in capital in excess of par value-common stock Retained earnings 500,000 85,000 300,000 370,000 During the year, the following transactions occurred. Jan. 10 Issued 28,000 shares of common stock for $18 cash per share Jan. 23 Repurchased 8,000 shares of common stock at $20 cash per share. Mar. 14 Sold one-half of the treasury shares acquired January 23 for $22 cash per share. July. 15 Issued 2,600 shares of preferred stock for $128,000 cash, Nov. 15 Sold 1,000 of the treasury shares acquired January 23 for $26 cash per share. Required a. Use the financial statement effects template to indicate the effects from each of these transactions. . Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Income Statement Cash Asset Contrib. Capital + Noncash Assets Liabilities Earned Capital + Revenues Transaction Jan. 10 Expenses Net -Income 0 0 . 0 0 0 0 0 0 . . Common Stock . 0 Jan. 23 0 0 0 0 0- 0 0 + 0 0- . 0- Mar. 14 0 0 0 0 0 0 * Treasury Stock + 0 July 15 0 0 0 0 0 0 = 0 0 . Preferred Stock 0 . 0 Nov. 15 0 0 0 0 0 0 0 . Treasury Stock 0 b. Prepare the stockholders' equity section of the balance sheet assuming the company reports net income of $121,000 for the current year. Note: Do not use a negative sign with any of your answers. XPRESS MEDIA COMPANY Stockholders' Equity Paid-in capital 0 8% preferred stock, $25 par value, 50,000 shares authorized; O shares issued and outstanding $ Common stock, $10 par value, 200,000 shares authorized; 0 shares issued, (3,000 shares in treasury) 0 $ 0 Additional paid-in capital 0 Paid-in capital in excess of par value-preferred stock Paid-in capital in excess of par value-common stock Paid-in capital from treasury stock 0 0 0 0 Total paid-in capital Retained earnings 0 0 (3,000 common shares) at cost 0 Less: Treasury stock Total stockholders' equity $ 0