The stockholders’ equity accounts of Windham Corporation at January 1 appear below: 8 Percent preferred stock, $25 par value, 50,000 shares authorized; 6,800 shares issued and outstanding $170,000 Common stock, $10 par value, 200,000 shares authorized; 50,000 shares issued and outstanding 500,000 Paid-in capital in excess of par value-Preferred stock 68,000 Paid-in capital in excess of par value-Common stock 200,000 Retained earnings 270,000 During the year, the following transactions occurred: Jan. 10 Issued 28,000 shares of common stock for $18 cash per share. 23 Purchased 8,000 shares of common stock as treasury stock at $20 per share. Mar. 14 Sold one-half of the treasury shares acquired January 23 for $22 per share. July 15 Issued 3,200 shares of preferred stock in exchange for equipment with a fair market value of $128,000. Nov. 15 Sold 1,000 of the treasury shares acquired January 23 for $25 per share. Dec. 31 Closed the net income of $60,000 to the Retained Earnings account. Required(a) Prepare journal entries to record the foregoing transactions and post to T-accounts. Do not prepare the journal entry for the Dec. 31 transaction, but post the appropriate amount to the Retained Earnings T-account.(b) Determine the ending balances for the stockholders’ equity accounts. Prepare the December 31 stockholders’ equity section of the balance sheet.