7 (25 Points) The stockholder's equity section of Dotcom Corporation's balance sheet on January 1, 2020 is presented below: Paid-in Capital Preferred Stock, 8% non-cumulative, $100 par value 20,000 shares authorized, 10,000 shares issued and outstanding. Common Stock, $10 par value, 500,000 shares authorized, 90,000 shares issued and outstanding. Paid-in Capital in excess of par, Common Stock.. Total Paid-in Capital Retained Earnings TOTAL STOCKHOLDERS EQUITY $ 1,000,000 900,000 250,000 $2,150,000 800,000 $2,950,000 NS The following transactions occurred during 2020: EXA DAT Jan 15 Issued 20,000 shares of common stock for $25 per share Jan 31 - Issued 15,000 shares of common stock for a building valued at $450,000. Feb 1 Purchased 10,000 shares of treasury stock for $20 per share. Mar 1- Issued 5,000 shares of common stock to attorneys for their bill of $100,000 for their services in organizing the corporation. May 1- Sold 5.000 shares of the treasury stock acquired on February 1 for $30 per share. Dec 31-Net income for the year is $300,000. Closed the income summary account. Instructions: a. b. C Record the above transactions in the journal (green accounting paper) provided. Post the transactions to the ledger accounts (You may need to add more accounts). Prepare a new stockholder's equity as of December 31. 2020 in good form. 7