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LO3 Stock Transactions and the Stockholders' Equity Section The following is Saratoga Springs Company's stockholders' equity section of the balance sheet on December 31, 2011: LO4 LO 5 P 11-33 $450,000 Preferred stock (7%, $50 par, noncumulative, 22,000 shares authorized, 9,000 shares issued and outstanding)...... Common stock ($8 par, 110,000 shares authorized, 94,000 shares issued and outstanding). Paid in capital in excess of par, preferred stock. .... Paid-in capital in excess of par, common stock... Retained earnings ........ 752,000 125,000 326,000 540,000 Required: 1. Journalize the following 2012 transactions: a Issued 3,000 preferred shares at $62 per share. b. Reacquired 2,500 common shares for the treasury at $17 per share. c. Declared and paid a $1.50-per-share dividend on common stock in addition to paying the required preferred dividends. (Note: Debit Retained Earnings directly.) d. Reissued 900 treasury shares at $20 per share. c. Reissued the remaining treasury shares at $16 per share. f. Earnings for the year were $83,000, including $350,000 of revenues and $267,000 of expenses. 2. Prepare the stockholders' equity section of the balance sheet for the company at Decem- ber 31, 2012