Reference no: EM131774686

Irwin Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 1,128,400 shares of no-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity.

Preferred Stock$130,000 Paid-in Capital in Excess of Par-Preferred Stock 14,000 Common Stock 1,128,400 Paid-in Capital in Excess of Stated Value-Common Stock 1,692,600 Treasury Stock (700 common shares) 8,400 Paid-in Capital from Treasury Stock 1,050 Retained Earnings 82,000

The preferred stock was issued for land having a fair value of $144,000. All common stock issued was for cash. In November, 1,050 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 350 shares of treasury stock were sold for $15 per share. No dividends were declared in 2017.

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(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.