The following shareholders' equity accounts are reported by Branch Inc. on January 1, 2012:
Common shares (150,000 issued)..................................$2,400,000
Preferred shares ($4 noncumulative, 5,000 issued) .................350,000
Contributed capital-reacquisition of common shares................50,000
Retained earnings......................................................1,276,000
Accumulated other comprehensive income............................15,000
The following selected transactions, given in chronological order, occurred during the year:
1. Issued 10,000 common shares for $25 per share.
2. Issued 100 preferred shares for $75 per share.
3. Reacquired and retired 25,000 common shares for $24 per share. (Round the average cost per share to the nearest cent.)
4. Issued 1,000 common shares in exchange for land. The fair value of the shares was $25 per share. The fair value of the land was not able to be reliably determined.
5. Declared and paid the preferred shareholders a $2 per share dividend.
6. Determined that the company had other comprehensive income of $5,000 from the revaluation of land.
Instructions
For each of the above transactions, indicate its impact on the items in the table below. Indicate if the item will increase (+) or decrease (-), and by how much, or if it will not be affected (n/a). The first transaction has been done for you as an example.

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Shareholders' Equity Accumulated Additional Other Income n/a Preferred Common Contributed Retained Comprehensive Liabilities Shares Shares Capital n/a Assets Earnings 1. +$250,000 n/a n/a +$250,000 n/a