1. ChwelveCo was incorporated on January 1 of Year 1. Below are a number of equity-related transactions made by ChwelveCo in Year 1. January 13: Authorized 400,000 shares of common stock with a par value of $1 and 10,000 shares of 3% preferred stock with a par value of $100. February 11: Issued 200,000 shares of common stock at a price of $14/ share February 27: Issued 5,000 shares of preferred stock at a price of $200/ share June 18: Repurchased 10,000 shares of common stock for $8/ share July 7: Declared a cash dividend on all outstanding shares of preferred stock July 8: Declared a $15/ share cash dividend on all outstanding shares of common stock August 17: Resold the 10,000 shares that had previously been repurchased on June 18. The total cash received from this sale of stock was $100,000. September 25: Paid the cash dividend to preferred stockholders January 1 of Year 2: Paid the cash dividend to common stockholders Other information: - ChwelveCo's Net Income for Year 1 was $5,000,000. a. Record the appropriate journal entry for each of the transactions given above b. Prepare the Owners' Equity portion of ChwelveCo's balance sheet as of December 31 Year1. c. What is the total number of common shares outstanding on December 31 of Year 1