A condensed balance sheet for Sharp Tax Inc. as of December 31, 2012, follows. Capital stock authorized consists ofof,par, cumulative preferred stock andofpar common stock.

Information relating to operations of the succeeding three years follows the condensed balance sheet.

1. Make the journal entries to record these transactions for the three-year period ended December 31, 2015. (Assume that revenues and expenses were closed to a temporary account, Income Summary, at the end of each year. Use this account to complete the closing process.)
2. Prepare the Stockholders' Equity section of the balance sheet as it would appear at the end of 2013, 2014, and 2015.

1. Make the journal entries to record these transactions for the three-year period ended December 31, 2015. (Assume that revenues and expenses were closed to a temporary account, Income Summary, at the end of each year. Use this account to complete the closing process.)
2. Prepare the Stockholders' Equity section of the balance sheet as it would appear at the end of 2013, 2014, and 2015.