financial accounting

Irwin Corporation has been authorized to issue 20,700 shares of $100 par value, 10%, noncumulative preferred stock and 1,034,280 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2015, the ledger contained the following balances pertaining to stockholders’ equity.

Preferred Stock		$121,000
Paid-in Capital in Excess of Par—Preferred Stock		19,800
Common Stock		1,034,280
Paid-in Capital in Excess of Stated Value—Common Stock		1,836,000
Treasury Stock (1,000 common shares)		14,000
Paid-in Capital from Treasury Stock		500
Retained Earnings		83,000

The preferred stock was issued for land having a fair value of $140,800. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $14. In December, 500 shares of treasury stock were sold for $15 per share. No dividends were declared in 2015.

Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

(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.

No.	Account Titles and Explanation	Debit	Credit
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2.	[removed]	[removed]	[removed]
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3.	[removed]	[removed]	[removed]
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4.	[removed]	[removed]	[removed]
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