The stockholders' equity section of Gupta Company at December 31, 2013, follows:

During 2014, the following transactions occurred:

Required

a. Use the financial statement effects template to indicate the effects from each of these transactions.

b. Prepare the December 31, 2014, stockholders' equity section of the balance sheet assuming the company reports 2014 net income of \(\$ 62,000\).

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8% preferred stock, $25 par value, 50,000 shares authorized; 7,200 shares issued and outstanding.... Common stock, $10 par value, 200,000 shares authorized; 40,000 shares issued and outstanding...... Paid-in capital in excess of par value preferred stock. Paid-in capital in excess of par value-common stock. Retained earnings $180,000 400,000 68,000 200,000 280,000