Jubilee Jewelry Company reported the following summarized balance sheet at December 31, 2021: 

During 2022, Jubilee Jewelry completed these transactions that affected stockholders’ equity: 

Requirements

1. Journalize Jubilee Jewelry’s transactions. Explanations are not required.

2. Prepare the company’s stockholders’ equity section of the balance sheet at December 31, 2022. Net income for 2022 was $23,000.

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Assets Current assets.. Property and equipment, net. Total assets... Liabilities and Equity Liabilities. Stockholders' equity: $0.70 cumulative preferred stock, $5 par, 800 shares issued ..... Common stock, $6 par, 6,700 shares issued.. Paid-in capital in excess of par common. Retained earnings........ Total liabilities and equity.. $ 32,200 89,000 $121,200 $ 36,500 4,000 40,200 18,500 22,000 $121,200