The stockholders equity section of Benton Corporations balance sheet as of December 31, 2014 is as follows:
Stockholders Equity
Preferred Stock, $5 par value, authorized-15000 shares, issued-4000 shares....................$400000
Common stock, $5 par value; authorized, 5,000,000 shares; issued - 400,000 shares.....$2000000
Paid in capital in excess of par............................................................................................850,000
Retained earnings.............................................................................................................3,000,000
........................................................................................................$6250000
The following event occurred during 2013:
1. Jan 5: 30,000 shares of authorized and unissued common stock were sold $8 per share
2. Jan 16: Declared a cash dividend of 20 cents per share, payable February 15 to stockholders of record on February 5.
3. Feb 10: 40,000 shares of authorized and unissued common stock were sold for $12 per share.
4. Feb 22: 5000 shares of authorized and unissued preferred stock were sold for $105 per share
5. March 1: A 30% stock dividend was declared and issued. Fair value per share is currently $15.
6. April 1: A two-for-one stock split was carried out. The par value of the stock was to be reduced to $2.50 per share. Fair value on March 31 was $18 per share.
7. July 1: A 15% stock dividend was declared and issued. Fair value is currently $10 per share.
8. Oct 5: issued 80000 shares of common stock in exchange for a tract of land. The stock is actively traded and has a current market price of $20 per share.
9.Purchased 20000 shares of the companys own stock at a cost of $4 per share
10.Nov 15
: A cash dividend of 20 cents per share was declared, payable September 1 to stockholders of record on Nov. 30, payable January 1 2016.
11. Sold 10000 shares of the common stock from the treasury at a price of $6 per share
12. The annual preferred stock dividend was declared payable January 1 2016
13.sold 5000 shares of the common stock from the treasury at a price of $3 per share
Instructions: prepare journal entries for the year 2015 and prepare a comprehensive stockholders equity secti I N on the balance sheet