1A30-3. Prepare general journal entries: maintain a record of stock shares; prepare a statement of retained earnings and the stockholders' equity section of a balance sheet. The year-end December 31, 2016 stockholder's equity account balances of the Big Pine Corporation balance sheet arelisted below. Also shown are the stockholders' equity transactions during the following year. Net income for 2017 was $450,000. a. Prepare the general journal entries to record the transactions shown below. b. Prepare a statement of retained earnings for the year ended December 31, 2017 Prepare the stockholders' equity section of the balance sheet as of December 31, 2017. Post the journal entries into accounts so that you will have the necessary account balances. Include net income in the retained earnings T account. d. Maintain a record of the number of common shares, starting with the beginning balances, using the following table headings: Date Outstanding Shares Change Total Outstanding Shares 499,000 Total Treasury Shares Total Issued Shares Bal. 1,000 500,000 Balance Balance Account Common Stock, $.15 par value, 500,000 shares issued and 499,000 shares outstanding .............. Paid-in Capital in Excess of Par, Common Stock......... ........ ... Paid-in Capital From Treasury Stock Transactions ............ Account Preferred Stock, no par, $1, 50,000 shares issued and outstanding ...... Retained Earnings $75,000 $1.272.000 $1.300.000 $875,000 $52,000 Treasury Stock, Common (1.000 shares at cost). $35.000 PRACTICE Learning Goal 30, continued Solutions are in the disk at the back the book and at: www.worthyjames 1A30-3, continued 2017 Jan. 16 Big Pine Corporation purchased 3,000 shares of its own stock at a cost of $82,000. Feb. 3 The board of directors declared a 5% common stock dividend. Current market price of the com- mon stock is $30 per share. Mar. 5 Issued the new shares of common stock. Apr. 27 The board of directors declared a $200,000 annual cash dividend. July 17 Paid the cash dividends. Oct. 9 Sold 1,000 shares of treasury stock at a price of $21 per share. Nov. 28 The board of directors declared a 3 for 2 stock split. Dec. 19 Sold 3,000 shares of treasury stock at a price of $29 per share