The balance sheet for Lakeland Corporation as of December 31, 1999, is as follows

\begin{tabular}{|c|c|c|}

\hline . . . . . . . . . & & $\$ 750,000$ \\

\hline Liabilities & & $\$ 410,000$ \\

\hline Stockholders' equity: & & \\

\hline Preferred stock, convertible (5\%,\$20 par). . . . . . & $\$ 50,000$ & \\

\hline Common stock (\$10 par) . . . . . . . . . . . . . . . . . . . . & 150,000 & \\

\hline Paid-in capital in excess of par, common stock . . & 30,000 & \\

\hline Retained earnings . . . . . . . . . . . . & 116,000 & \\

\hline & $\$ 346,000$ & \\

\hline Less treasury stock, common ( 500 shares at cost) & $(6,000)$ & 340,000 \\

\hline Total liabilities and stockholders' equity & & $\$ 750,000 \quad$ \\

\hline

\end{tabular}

During 2000, the following transactions were completed in the order given:

a. 750 shares of outstanding common stock were reacquired by the company at $\$ 7$ per share.

b. 150 shares of common stock were reacquired in settlement of an account receivable of $\$ 1,500$.

c. Semiannual cash dividends of 75 cents per share on common stock and 50 cents per share on preferred stock were declared and paid

d. Each share of preferred stock is convertible into three shares of common stock Five hundred shares of preferred stock were converted into common stock. (Hint: Shares are converted at par values, and any excess reduces Retained Earnings.)

e. The 900 shares of common treasury stock acquired during 2000 were sold at $\$ 13$. The remaining treasury shares were exchanged for a machine with a fair market value of $\$ 6,300$.

f. 3,000 shares of common stock were issued in exchange for land appraised at $\$ 39,000$.

g. Semiannual cash dividends of 75 cents per share on common stock and 50 cents per share on preferred stock were declared and paid h. Closed net income of $\$ 35,000$ to Retained Earnings, which included $\$ 135,000$ of revenues and $\$ 100,000$ of expenses i. Closed dividends accounts to Retained Earnings.

1. Give the necessary journal entries to record the transactions listed.
2. Prepare the stockholders' equity section of the balance sheet as of December 31,2000 .