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Following is the stockholders equity section of ABC Corporation at December 31, 2014

8% preferred stock, $50 par value, 10,000 shares authorized; 8,000 shares issued and outstanding. $400,000

Common stock, $20 par value, 50,000 shares authorized; 25,000 shares issued and outstanding $500,000

Paid-in capital in excess of par value- preferred stock.................... $70,000

Paid-in capital in excess of par value-common stock.................. $385,000

Retained earnings $238,000

Total stockholders equity $1,593,000

The following transactions, among others, occurred in 2015.

Jan 25 Issued 1,000 shares of preferred stock for $60 cash per share.

Jan 30 Issued 4,000 shares of common stock at $34 cash per share.

May 1 announced a 2-for-1 common stock split, reducing the par value of the common stock to $10 per share. The number of shares authorized was increased to 100,000 shares.

June 17 Issued 2,000 shares of common stock for $56,000 cash.

Sept 19 Repurchased 2,500 shares of common stock for $16 cash per share.

Oct 10 - Sold 900 treasury shares at $19 cash per share.

Dec 12 - Issued 500 shares of preferred stock $57 cash per share.

For the above entries, outline the effects of each transaction and the related journal entries. Also prepare the Statement of Equity at year-end, rolling forward from December 31, 2014 as provided to December 31, 2015.

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