The following shareholders' equity accounts are reported by Talty Inc. on January 1, 2012:
Common shares (500,000 issued).................................... $4,000,000
Preferred shares ($6 cumulative, 9,000 issued) ........................600,000
Contributed capital-reacquisition of preferred shares..................2,000
Retained earnings........................................................1,958,000
Accumulated other comprehensive income..............................25,000
The following selected transactions, given in chronological order, occurred during the year:
1. Issued 10,000 common shares for $12 per share.
2. Issued 5,000 common shares in exchange for equipment. The fair value of the shares was $12 per share. The fair value of the equipment could not be reliably determined.
3. Issued 1,000 preferred shares for $60 per share.
4. Reacquired and retired 500 preferred shares for $50 each.
5. The annual preferred share dividend was declared and paid during the year.
6. Determined that the company had an other comprehensive loss of $5,000 from the revaluation of land.
Instructions
For each of the above transactions, indicate its impact on the items in the table that follows. 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 Assets Liabilities Shares Shares Capital n/a Earnings n/a 1. +$120,000 n/a n/a +$120,000