Bush-Caine Company reported the following data on its December 31, 2018, balance sheet:
Preferred stock, $50 par .......................................................$ 50,000
Additional paid-in capital on preferred stock ..........................4,000
Common stock, $10 par ..........................................................100,000
Additional paid-in capital on common stock .........................80,000
Retained earnings ......................................................................95,000
The following transactions were reported by the company during 2019:
1. Reacquired 200 shares of its preferred stock at $57 per share.
2. Reacquired 500 shares of its common stock at $16 per share.
3. Sold 100 shares of preferred treasury stock at $58 per share.
4. Sold 200 shares of common treasury stock at $17 per share.
5. Sold 100 shares of common treasury stock at $9 per share.
6. Retired the shares of common stock remaining in the treasury.
The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock.

Required:
1. Prepare the journal entries required to record the treasury stock transactions using the cost method.
2. Assuming the company earned a net income in 2019 of $30,000 and declared and paid dividends of $10,000, prepare the shareholders’ equity section of its balance sheet at December 31, 2019.