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Young Corporation has been operating successfully for several years. It is authorized to issue 2 4 , 0 0 0 shares of no - par

Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, $100 par preferred stock. The Contributed Capital section of its January 1,2019, balance sheet is as follows:
8% preferred stock, $100 par $190,000
Common stock, no par 184,000
Additional paid-in capital on preferred stock 15,200
$389,200
Part b. The company engaged in the following transactions in 2019:
Mar. 2 Issued 350 shares of the 8% preferred stock at a price of $122 per share.
Apr. 5 Sold 900 shares of common stock for $34 per share.
13 Issued 400 shares of common stock in exchange for land. The stock is currently selling at $33 per share.
June 1 Reacquired 500 shares of common stock at $36 per share. The company uses the cost method to account for treasury stock.
Oct. 19 Issued for $27,000 a combination of 500 shares of common stock and 100 shares of preferred stock. The common and preferred stock are currently selling for $35 and $125 per share, respectively.
Nov. 16 Reissued the 500 shares of treasury stock at $38 per share.
Dec. 31 Distributed an $8-per-share dividend on all preferred stock outstanding and a $2-per-share dividend on all common stock outstanding on this date (debit Retained Earnings and credit Cash for each dividend).
Required:
1. Answer the questions in Part a.
2. Prepare journal entries to record the transactions in Part b.
3. Prepare the Contributed Capital section of Youngs December 31,2019, balance sheet.

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