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Stockholders' Equity Transactions Squires Inc. was org 1096, $200 par value preferred, years of the company's existence, the following selected transactions took placering the first two 2014 anized on January 2, 2014, with authorized capital stock consisting of 40,000 shares of and 300,000 shares of no-par, no stated value common. During the first two Jan. 2Sold 15,000 shares of common stock at $14. 2 Sold 4,000 shares of preferred stock at $211 2 Sold common stock as follows: 11,300 shares at $19,3,900 shares at $24. Mar. es of preferred stock and nce being July Acquired a nearby piece of land, appraised at $500,000, for 800 shares of prefen 10 34,000 shares of common. (Preferred stock was recorded at $211, the balance assigned to common.) Dec. Declared the regular preferred dividend and a $1.75 common dividend. 16 28 Paid dividends declared on December 16. Assume that revenues and expenses were closed to a temporary acc Summary. The income summary account showed a credit balance of 00,000 transferred to Retained Earnings. account, ce of $600,000, which was ncome 31 2015 Reacquired 11,000 shares of common stock at $18. The treasury stock is carried at c law requires that an appropriation of Retained Earnings be made for the purchase price treasury stock. Appropriations are to be returned to Retained Earnings upon resale of ost.(State ase price of Feb. 27 the stock.) June 17 Resold 8,000 shares of the treasury stock at $21. uly 31 Resoldallof the remaining treasury stock at $6 Resold all of the remaining treasury stock at $16. uly 31 ept. 30 Sold 17,000 additional shares of common stock at $22 ec. 16 Declared the regular preferred dividend and a $0.70 common dividend 28 Dividends declared on December 16 were paid 31 The income summary account showed a credit balance of $550,000, which was transfe to Retained Earnings

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