authorized to sell 1000000 shares of $10 par value common stock and 50000 of $

authorized to sell 1000000 shares of $10 par value common stock and 50000 of $100 par value 6% preferred stock. company actually sold 55000 shares of
common stock @ 12 per share and 40000 shares of preferred stock @ 110 per share. $550000 of common stock sold 40000 shares have been repurchased @ $60 per
share and are currently being held in treasury to be used to meet future requirements of a stock option plan the company intends to implement.

prepare all jounal entries for all transactions

prepare stock holders equity section to reflect the transactions recorded