The following is West Valley Company's stockholders' equity section of the balance sheet on December 31, 1999 .

1. Journalize the following 2000 transactions:

a. Issued 2,000 preferred shares at $\$ 70$ per share.

b. Reacquired 1,000 common shares for the treasury at $\$ 13$ per share.

c. Declared and paid a \$2-per-share dividend on common stock in addition to paying the required preferred dividends. (Note: Debit Retained Earnings directly.)

d. Reissued 600 treasury shares at $\$ 14$ per share.

e. Reissued the remaining treasury shares at $\$ 12$ per share.

f. Eamings for the year were $\$ 92,000$, including $\$ 200,000$ of revenues and $\$ 108,000$ of expenses.
2. Prepare the stockholders' equity section of the balance sheet for the company at December 31, 2000.

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Preferred stock (8%, $60 par, noncumulative, 16,000 shares authorized, 8,000 shares issued and outstanding).. $480,000 Common stock ($10 par, 120,000 shares authorized, 80,000 shares issued and outstanding). 800,000 Paid-in capital in excess of par, preferred stock 130,000 Paid-in capital in excess of par, common stock Retained earnings. 252,000 330,000