Zina Corporation was organized during 2002. At the end of 2002, the stockholders’ equity section of the balance sheet appeared as follows:

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Contributed capital: Preferred stock (8%, $40 par, 10,000 shares authorized, 5,000 shares issued and outstanding) $200,000 Common stock ($20 par, 30.000 shares authorized, 12,000 issued, 10,000 outstanding). 240,000 Paid-in capital in excess of par, preferred stock.. Total contributed capital Retained earnings. Total contributed capital plus retained earnings 50,000 $490,000 110,000 $600,000 Less treasury stock (2,000 shares at cost of $25 per share) (50,000) 2. Total stockholders' equity During 2003, the following transactions occurred in the order given: Issued 1,000 shares of common stock at $24 per share. b. Reissued 1,000 shares of treasury stock at $27 per share. C. Reissued 500 shares of treasury stock at $20 per share. Record the transactions. $550,000