Pringle Corporation has been authorized to issue 21,000 shares of $100 par value, 7%, noncumulative preferred stock and 1,071,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity. Preferred Stock $145,200 Paid-in Capital in Excess of Par Value—Preferred Stock 21,230 Common Stock 1,990,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,451,000 Treasury Stock— (4,230 common shares) 54,990 Retained Earnings 80,600 The preferred stock was issued for $166,430 cash. All common stock issued was for cash. In November 4,230 shares of common stock were purchased for the treasury at a per share cost of $13. No dividends were declared in 2014.
Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash.
Prepare the stockholders’ equity section of the balance sheet at December 31, 2014.