Preferred Stock		$151,700
Paid-in Capital in Excess of Par Value—Preferred Stock		22,860
Common Stock		2,260,000
Paid-in Capital in Excess of Stated Value—Common Stock		1,577,000
Treasury Stock— (5,930 common shares)		71,160
Retained Earnings		83,900

The preferred stock was issued for $174,560 cash. All common stock issued was for cash. In November 5,930 shares of common stock were purchased for the treasury at a per share cost of $12. 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.

No.	Account Titles and Explanation	Debit	Credit
1.	Land	174,560
	Preferred Stock		151,700
	Paid-in Capital in Excess of Par Value-Preferred Stock		22,860
2.	Cash	3,837,000
	Common Stock		2,260,000
	Paid-in Capital in Excess of Stated Value-Common Stock		1,611,000
3.	Treasury Stock	71,160
	Cash		71,160

Prepare the stockholders’ equity section of the balance sheet at December 31, 2014.

PRINGLE CORPORATION Partial Balance Sheet December 31, 2014
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital
			$
Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Net Income / (Loss)     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Additional Paid-in Capital     Paid-in Capital     Capital Stock     Total Capital Stock     Total Paid-in Capital     Total Paid-in Capital and Retained Earnings     Total Stockholders’ Equity     Total Additional Paid-in Capital					$
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital
			$
Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Net Income / (Loss)     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Additional Paid-in Capital     Paid-in Capital     Capital Stock     Total Capital Stock     Total Paid-in Capital     Total Paid-in Capital and Retained Earnings     Total Stockholders’ Equity     Total Additional Paid-in Capital
Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Net Income / (Loss)     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Additional Paid-in Capital     Paid-in Capital     Capital Stock     Total Capital Stock     Total Paid-in Capital     Total Paid-in Capital and Retained Earnings     Total Stockholders’ Equity     Total Additional Paid-in Capital
Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Net Income / (Loss)     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Additional Paid-in Capital     Paid-in Capital     Capital Stock     Total Capital Stock     Total Paid-in Capital     Total Paid-in Capital and Retained Earnings     Total Stockholders’ Equity     Total Additional Paid-in Capital
Add     Less     :
Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Net Income / (Loss)     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Additional Paid-in Capital     Paid-in Capital     Capital Stock     Total Capital Stock     Total Paid-in Capital     Total Paid-in Capital and Retained Earnings     Total Stockholders’ Equity     Total Additional Paid-in Capital					$