Reference no: EM131752788

On December 31, 2016, Turner Corp. had the following balances (all balances are normal):

Accounts	Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)	$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)	$1,000,000
Paid-in Capital in Excess of par, Common	150,000
Retained Earnings	700,000

The following events occurred during 2016 and WERE NOT RECORDED:

1. On January 1, TurnerCorp.declared a 5% stock dividend on its common stock when the market value of the common stock was $12 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
2. On February 15,TurnerCorp. reacquired 1,000 shares of common stock for $15 each.
3. On March 31,TurnerCorp.reissued 250 shares of treasury stock for $20 each.
4. On July 1,TurnerCorp.reissued 500 shares of treasury stock for $10 each.
5. On October 1,TurnerCorp.declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
6. On December 15,TurnerCorp.split common stock 2 shares for 1.
7. Net Income for 2015 was $250,000.

Requirements:

1. Prepare journal entries for the transactions listed above.
2. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2015 (after taking into consideration your journal entries)