Problem 13-6A (Part Level Submission)

Irwin Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 1,004,400 shares of no-par common stock. The corporation assigned a $2.70 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders equity.

Preferred Stock		$120,000
Paid-in Capital in Excess of ParPreferred Stock		22,000
Common Stock		1,004,400
Paid-in Capital in Excess of Stated ValueCommon Stock		2,715,600
Treasury Stock (720 common shares)		7,920
Paid-in Capital from Treasury Stock		1,080
Retained Earnings		82,500

The preferred stock was issued for land having a fair value of $142,000. All common stock issued was for cash. In November, 1,080 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 360 shares of treasury stock were sold for $14 per share. No dividends were declared in 2017.

Prepare the journal entries for the:

(1)		Issuance of preferred stock for land.
(2)		Issuance of common stock for cash.
(3)		Purchase of common treasury stock for cash.
(4)		Sale of treasury stock for cash.