Preferred Stock, 50,000 shares $5,000,000 Common stock, 1,200,000 shares 2,400,000 Paid-in Capital in Excess of Par – Preferred Stock 300,000 Paid-in Capital in Excess of Par – Common Stock 31,200,000 Retained Earnings 12,800,000
Q: The stockholders' equity section of Swifty Corp, as of December 31, 2017 is as follows: 7% preferred…
A: Net income before tax is to be added by Exceptional items
Q: Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: The stockholders' equity accounts of Martinez Corp. on January 1, 2022, were as follows. Preferred…
A: As per Accounting Equation,Assets =Liabilities +Paid-in Capital – Treasury Stock + Revenues –…
Q: 4. The par value of the common stock $fill in the blank 4 per share 5. The average per-share…
A: Note: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…
Q: The following information is from the December 31, 2018 balance sheet of May Corporation. Preferred…
A: Total paid-in capital includes the par value of the preferred or common stock and the paid-in…
Q: The stockholders’ equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred…
A: As posted multiple sub parts questions we are answering only first question kindly repost the…
Q: Nottebary Corporation has outstanding 10,000 shares of $100 par value 6% preferred stock, and 60,000…
A: Cumulative preference shareholders are the holders of the preference securities of a company whose…
Q: The stockholders’ equity accounts of Concord Corporation on January 1, 2022, were as follows.…
A:
Q: The stockholders' equity section of Bramble Corp, as of December 31, 2017 is as follows: 6%…
A: Earnings per share = (Net income - preferred dividend) / No. of common shares outstanding =…
Q: The shareholders’ equity of Core Technologies Company on June 30, 2015, included the following:…
A:
Q: Smith Corporation's December 31, 2017 balance sheet showed the following: 6% preferred stock, $20…
A: a) Calculate the total paid in capital as follows:
Q: The stockholders’ equity section of Bridgeport Corp, as of December 31, 2017 is as follows: 9%…
A: The management evaluates the EPS value of the corporation to analyze the earnings belongs to each…
Q: The stockholders' equity section of Swifty Corp, as of December 31, 2017 is as follows: 7% preferred…
A: Earnings per share = (Net income - preferred dividend) / No. of common shares outstanding =…
Q: The stockholders’ equity accounts of Whispering Winds Corp. on January 1, 2017, were as follows.…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: the stockholder's equity of LDL corporation at December 31, 2016, is shown below: common stock $10…
A: Shareholders are the group of individuals who have financial interest in the working and operations…
Q: The Stockholders' Equity section of the December 31, 2017, balance sheet of Eldon Company appeared…
A: The book value of the common stock refers to the amount of balance sheet that is attributable to the…
Q: The stockholders’ equity accounts of Whispering Winds Corp. on January 1, 2017, were as follows.…
A: Stockholders' equity refers to the assets remaining in a business once all liabilities have been…
Q: The stockholders’ equity accounts of Pearl Company have the following balances on December 31, 2017.…
A: Retained earnings = Number of shares * Market price* Stock dividend rate Retained earnings =…
Q: Analysis of Stockholders' Equity The Stockholders' Equity section of the December 31, 2017, balance…
A: Stockholders' equity refers to the amount that belongs to the owners and shareholders of the company…
Q: 80,000 Additional paid-in capital—Preferred 9,900 Additional paid-in capital—Common 480,000…
A: Shareholder's equity refers to the amount which company owners have invested in the business and it…
Q: Hatch company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common.…
A: Stockholder’s equity is the remaining assets after the settlement of all the liabilities.
Q: The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Pina…
A: Meaning of Stockholder's Equity Stockholders' equity, also referred to as shareholders' or owners'…
Q: Schmitt company has 2 classes of capital stock outstanding 8%, $20 par preferred and $5 par common.…
A: Solution: Introduction: Schmitt company has two classes of capital stock i.e., preferred stock and…
Q: The stockholders’ equity accounts of Cheyenne Corp. on January 1, 2017, were as follows.…
A: Step 1: Prepare journal entries to record the transactions:
Q: The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is…
A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…
Q: The stockholders’ equity accounts of Flint Corporation on January 1, 2022, were as follows.…
A: Journal entries in the books is the primary reporting of the transactions.
Q: The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018,…
A:
Q: Flint Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common.…
A: Stockholders’ Equity: The amount of assets remaining in a business after all liabilities have been…
Q: The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Cullumber Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par…
A: Calculation of retained earnings: Beginning retained earnings 4,431,000 Add: Net income…
Q: Fechter Corporation had the following stockholders’ equity accounts on January 1, 2015: Common Stock…
A: To Determine - Journal entry of treasury stock according to cost method Cost method is one of the…
Q: Analysis of Stockholders' Equity The Stockholders' Equity section of the December 31, 2017, balance…
A:
Q: Analysis of Stockholders' Equity The Stockholders' Equity section of the December 31, 2017, balance…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…
Q: Wilco Corporation has the following account balances at December 31, 2017. Common stock, $5 par…
A: A Balance sheet is a financial statement that reports the assets, liabilities and shareholder’s…
Q: The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is…
A: Legal capital refers to the total equity of an entity that can not be distributed as a dividend to…
Q: Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common.…
A: Following is stockholder’s equity section:
Q: (Equity Transactions and Statement Preparation) Hatch Company has two classes of capital stock…
A: Stockholders' Equity Section: It is refers to the section of the balance sheet that shows the…
Q: The shareholders’ equity of Proactive Solutions, Inc., included the following at December 31, 2016:…
A:
Q: The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows.…
A: Journal entry refers to the posting of the transactions into the books of the company or entity and…
Q: The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows.…
A: The dividend is declared from the retained earnings of the business.
Q: On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: The stockholders' equity section of Blue Spruce Corp, as of December 31, 2017 is as follows: 9%…
A: SOLUTION- EARNING PER SHARE FORMULA= (NET INCOME - PREFERENCE DIVIDEND ) / COMMON SHARE OUTSTANDING…
Q: The Zeller Corporation's stockholders' equity accounts have the following balances as of December…
A: If the stock dividend is less than 20%, then it is termed as small stock dividend and it has to be…
Q: Analysis of Stockholders' Equity The Stockholders' Equity section of the December 31, 2017, balance…
A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…
Q: The shareholders' equity section of Superior Corporation's balance sheet as of December 31, 2015, is…
A: The question is based on the concept of Financial Accounting.
Flounder Company has two classes of capital stock outstanding: 7%, $100 par preferred and $2 par common. At December 31, 2017, the following accounts were included in
$5,000,000 | ||
Common stock, 1,200,000 shares | 2,400,000 | |
Paid-in Capital in Excess of Par – Preferred Stock | 300,000 | |
Paid-in Capital in Excess of Par – Common Stock | 31,200,000 | |
12,800,000 |
The following transactions affected stockholders’ equity during 2018.
Jan. 1 | - | 500 shares of preferred stock issued at $108 per share. |
Mar. 21 | - | 101,000 shares of common stock issued at $40 per share. |
June 1 | - | 2-for-1 common stock split (par value reduced to $1). |
July 15 | - | 77,000 shares of common |
Sept. 4 | - | 9,000 shares of treasury stock reissued at $34 per share. |
Dec. 31 | - | The preferred dividend is declared, and a common dividend of 73¢ per share is declared. |
Dec. 31 | - | Net income is $4,352,000. |
Prepare the stockholders’ equity section for Hatch Company at December 31, 2018.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 0 par common stock at 0, receiving cash. b. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 375. The bonds are classified as a held- to-maturitv long-term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0.60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 545, including commission. p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method, q. Accrued interest for three months on the Dream Inc. bonds purchased in (1). r. Pinkberry Co. recorded total earnings of 240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39.02 per share on December 31, 2016. The investment is adjusted to fair value, using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments had a beginning balance of zero. Instructions Journalize the selected transactions. After all of the transactions for the year ended December 31, 2016, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 2016, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 2016. c. Prepare a balance sheet in report form as of December 31, 2016. Income statement data: Advertising expense 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense -office buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7.500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable. 5%. due 2024 500,000 Cash 246,000 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued. 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory [December 31, 2016). at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4.320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock. 80 par (30,000 shares authorized; 20,000 shares issued] 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500)Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 375. The bonds are classified as a heldtomaturity long-term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0.60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method. q. Accrued interest for three months on the Dream Inc. bonds purchased in (l). r. Pinkberry Co. recorded total earnings of 240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39.02 per share on December 31, 2016. The investment is adjusted to fair value, using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments had a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 2016, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 2016, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 2016. c. Prepare a balance sheet in report form as of December 31, 2016.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.The following selected transactions and events occurred during 2013: a. Issued 200 shares of preferred stock for 20,000. b. Sold 800 shares of treasury stock for 2,800. c. Declared and issued a 4% common stock dividend. The market value on the date of declaration was 5 per share. d. Generated a net loss for the year of 16,000. e. Declared and paid the full years dividend on all the preferred stock and a dividend of 15 per share on common stock outstanding at the end of the year. Enter beginning balances for 2013 on STOCKEQ2. Then erase all 2012 entries and enter the transactions for 2013. Save the results as STOCKEQ4. Print the results.
- Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
- Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. Preferred stock subscriptions receivable 50,000 Preferred stock, 10 par, 9% (200,000 shares authorized; 20,000 shares issued)200,000 Preferred stock subscribed (10,000 shares)100,000 Paid-in capital in excess of parpreferred stock40,000 Common stock, 10 par (100,000 shares authorized; 60,000 shares issued)600,000 Paid-in capital in excess of parcommon stock250,000 Retained earnings750,000 During 20--, Gonzales Company completed the following transactions affecting stockholders equity: (a) Received 20,000 for the balance due on subscriptions for 4,000 shares of preferred stock with a par value of 40,000 and issued the stock. (b) Purchased 10,000 shares of common treasury stock for 18 per share. (c) Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d) Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e) Sold 5,000 shares of common treasury stock for 100,000. (f) Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g) Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.