1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2021. Assume net income for the year was $427,000. 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Avery Walt, owner of Happy Camper Company, decides Sandy Slope Incorporated had the following select transactions start a new company that will be operated as a corporation, in 2021: Sandy Slope Incorporated (SSI). This company will sell outdoor (Click the icon to view the transactions.) clothing and equipment. Read the requirements. Requirement 1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Issued 90,000 shares of $5 par value common stock for a total of $900,000. Date Accounts and Explanation Debit Credit Jan. 1 Jan 10: Issued 40,000 shares of 6%, $10 par value preferred stock in exchange for land with a market value of $480,000. Date Accounts and Explanation Debit Credit Jan. 10 Dec. 15: Declared total cash dividends of $30,000. Date Accounts and Explanation Debit Credit Dec. 15 Dec. 20: Declared a 3% common stock dividend when the market value of the stock was $13.00 per share. Date Accounts and Explanation Debit Credit Dec. 20 Dec. 31: Paid the cash dividends. Date Accounts and Explanation Debit Credit Dec. 31 Dec. 31: Distributed the stock dividend. Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. Calculate the balance in Retained Earnings on December 31, 2021. Assume net income for the year was $427,000. Complete the table below to calculate the balance in Retained Earnings on December 31, 2021. (Complete all answer boxes. Enter a "O" for any zero balances.) Retained Earnings, Jan. 1, 2021 Plus: Less: Retained Earnings, Dec. 31, 2021 Requirement 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. There was no preferred stock issued prior to the 2021 transactions. Review the journal entries from Requirement 1. Sandy Slope Incorporated Balance Sheet (Partial) December 31, 2021 Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity