1.	Journalize Destiny's transactions for 2017.
2.	Prepare the stockholders' equity section of the balance sheet as of December 31, 2017. Assume Destiny had net income of $27,000,000 during 2017 and that Cash Dividends and Stock Dividends have been closed to the Retained Earnings account.
3.	Determine Destiny's earnings per share for 2017.
4.	Assuming Destiny's market value per common share as of December 31, 2017, was $12, calculate Destiny's price/earnings ratio for 2017

Jan.	1		Issued 110,000 shares of common stock for $9 per share.
Feb.	15		Issued 10,000 shares of common stock for $8 per share.
Mar.	1		Declared a $0.70 per share cash dividend on its common stock to be paid on March 30. Date of record: March 15.
	30		Paid the cash dividend to stockholders.
Nov.	1		Declared a 11% common stock dividend on all common stock outstanding. Current market price of the stock was $6. Date of record: Nov. 15.
	30		Distributed stock to stockholders.
Dec.	1		Purchased 4,000 shares of treasury stocklong dashcommon at $7 per share.
	20		Sold 2,000 shares of treasury stocklong dashcommon at $9 per share.

Destiny corporation

balance sheet (partial)

dec 31, 2016

stockholders' equity

paid - in capital:

common stock - $5 par value; 7,000,000 shares

authorized, 2,000,000 shares issed and outstanding $10,000,000

paid - in capital in excess of par - common 400,000

total paid-in capital 10,400,000

retained earnings 500,000,000

total stockholders' equity 510,400,000