The shareholders' equity section of Superior Corporation's balance sheet as of December 31, 2018, is as follows: Shareholders' Equity Preferred stock, $100 par value; authorized, 300,000 shares; issued, 33,500 shares $3,350,000 Common stock, $5 par value; authorized, 2,000,000 shares; issued, 449,000 shares 2,245,000 Paid-in capital in excess of par-preferred Paid-in capital in excess of par-common Retained earnings The following events occurred during 2019: 16 Apr. 1 86,000 Sept. 1 807,000 Jan. 5 9,500 shares of authorized and unissued common stock were sold for $7 per share. 10,500 shares of authorized and unissued preferred stock were sold for $107 per share. 81,000 shares of common stock were repurchased for the treasury at a price of $17 per share. Superior uses the cost method to account for treasury stock. 3,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised 3,190,000 $9,678,000
The shareholders' equity section of Superior Corporation's balance sheet as of December 31,2018 , is as follows: The following events occurred during 2019 : Jan. 59,500 shares of authorized and unissued common stock were sold for $7 per share. 16. 10,500 shares of authorized and unissued preterred stock were sold for $107 per share. Apr. 181,000 shares of common stock were repurchased for the treasury at a price of $17 per share. Superior uses the cost method to account for treasury stock. Sept. 1 - 3,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised The following events occurred during 2019: Jan. 59,500 shares of authorized and unissued common stock were sold for $7 per share. 16 10,500 shares of authorized and unissued preferred stock were sold for $107 per share. Apr. 181,000 shares of common stock were repurchased for the treasury at a price of $17 per share. Superior uses the cost method to account for treasury stock. Sept. 13,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $387,000. The preferred stock currently trades on the New York Stock Exchange at a price of $108 per share. Dec. 123,000 shares of treasury stock are relssued at a price of $26 per share. Required: 1. Prepare joumal entries for each of the above transactions. 2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2019. 3. Calculate Superior's legal capital at December 31, 2019 
