1. Top of the World, itd. reported the following summarized balance sheet at December 31, 2010: -Assets - Current assets Property and equipment net $11,600 35.000 546,600 Toto ossets Liabilities: Ligbunties $23,000 Stockholders' equity: Cormon stock, So. 10 por (25,000 shares issued and outstanding) 2,500 Preferred stock, $20 por (100 shares issued and outstanding) 2,000 Poid-in capital in excess of por 7,800 Retained comings 11.300 Total abilities and equity SAG.GRO During 2011, Top of the World, Ltd. completed these transactions that affected stockholders' equity: govory 25 Issued 5,000 shares of common stock for $15 per share. February 1 Issue 250 shares of preferred stack for $23 per share. une 1 Declared a cash dividend of $2 per preferred share and $0.50 per common share. lune 30 Paid the cash dividend. October 1 Reacquired 3,000 shares of common stock as treasury stock, paying $13 per share. a. Record all the journal entries for Top of the World's transactions listed above. b. Taking into account the transactions above, prepare a statement of stockholders' equity for Tap of the World for the period ended December 31, 2011. Use the format used in lecture and provided in your text, illustration 10-20. Assume net income for 2011 was $6,720.- c. What is the value of Top of the World's stockholders' equity they would report on their balance sheet at December 31, 2011