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Financial Statement Irwin Corporation has been authorized to issue 20,000
shares of $100 par value, 10%, preferred stock and 1,000,000 shares of no-par common stock. The cor-poration assigned a $2.50 stated value to the common stock. At December 31, 2020, the ledger contained
the following balances pertaining to stockholders’ equity.Preferred Stock $ 120,000Paid-in Capital in Excess of Par—Preferred Stock 20,000Common Stock 1,000,000Paid-in Capital in Excess of Stated Value—Common Stock 1,800,000Treasury Stock (1,000 common shares) 11,000Paid-in Capital from Treasury Stock 1,500Retained Earnings 82,000Accumulated Other Comprehensive Income 51,000The preferred stock was issued for land having a fair value of $140,000. All common stock issued wasfor cash. In November, 1,500 shares of common stock were purchased for the treasury at a per sharecost of $11. In December, 500 shares of treasury stock were sold for $14 per share. No dividends weredeclared in 2020.Instructionsa. Prepare the journal entries for the:1. Issuance of preferred stock for land.2. Issuance of common stock for cash.3. Purchase of common treasury stock for cash.4. Sale of treasury stock for cash.b. Prepare the stockholders’ equity section at December 31, 2020.
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