The Yum Brands Corporation began operations two years ago and was authorized to issue 500,000 shares of 6%, $100 par value preferred stock and 2,000,000 shares of $5 par value common stock.The following transactions and events were completed during 2016. (Note: at the beginning of 2016 there are 1,000 shares of preferred stock and 500,000 shares of common stock)

Jan.	1	Issued an additional 300,000 shares of common stock for cash at $9 per share.
Feb.	2	Issued an additional 40,000 shares of preferred stock for cash at $107 per share.
Mar.	3	Declared a cash dividend on the preferred stock $123,000.
Apr.	4	Discovered a $60,000 overstatement of 2013 depreciation.
May	5	Paid the cash dividend declared of March 3.
June	6	Issued 4,000 shares of common stock for land that was advertised for sale at $45,000. The stock market price of the stock is $11 per share.
Sept.	9	Yum Brands purchased 10,000 shares of its own common stock at $13 per share.
Oct.	10	Sold 3,000 shares of treasury stock for $14 per share
Nov.	11	Declared a $1 cash dividend per share on common stock. (hint: compute the total number of shares of common stock outstanding.)
Dec.	31	Determined that net income for the year was $1,200,000.

Instructions

(a)	Journalize the transactions listed above.
(b)	Post only the stockholders equity accounts.
(c)	Prepare a retained earnings statement for the year.
(d)	Prepare a stockholders equity section at December 31, 2016.