Truman Co. is a publicly held company whose shares are traded in the over-the-counter market. The shareholders' equity at December 31, 2018, is comprised of the following:  Preferred stock, $100 par value, 6% cumulative (5,000 shares authorized, 2,000 issued and outstanding)$ 200,000 Common stock, $1 par value (150,000 shares authorized, 100,000 issued and outstanding)100,000 Additional paid-in capital800,000 Retained earnings1,586,000 Total shareholders' equity$2,686,000 Transactions during 2019 and other information relating to the shareholders' equity accounts were as follows:  February 2, 2019—Issued 13,000 shares of common stock to Wolf Co. in exchange for land. On the date issued, the stock had a market price of $11 per share. The land had a carrying value on Wolf's books of $135,000 and an assessed value for property taxes of $90,000. March 2, 2019—Purchased 5,000 shares of its own common stock to be held as treasury stock for $14 per share. Truman uses the cost method to account for treasury stock. Transactions in treasury stock are legal in Truman's state of incorporation.

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