ABC Company was formed on January 12, 2012, with an authorization to issue 12,000 shares of $100 par value 7% preferred stock and 60,000 shares of $5 par, common stock The following stock transactions occured during 2012: Jan. 31 Sold 9,000 shares of common stock for cash at $5 per share. Feb. 18 Sold 1,500 shares of preferred stock for cash at $100 per share. Mar. 15 Mar. 31 Sold 2,500 shares of common stock for cash at $6 per share. Sold 900 shares of preferred stock for cash at $103 per share. Issued 2,400 shares of common stock in exchange for equipment with a fair market value of $19,500. Apr. 19 Jun. 14 Sold 6,000 shares of common stock for cash at $6.25 per share. Jun. 25 Sold 500 shares of preferred stock for cash at $105 per share. Aug. 02 Sold 12,000 shares of common stock for cash at $6.50 per share. Aug. 17 Sold 1,200 shares of preferred stock for cash at $109 per share. Sep. 19 Sold 4,000 shares of common stock for cash at $7.10 per share. Dec. 10 Sold 1,500 shares of preferred stock for cash at $116 per share. Record the transactions in general Journal form. Prepare the Stockholder's Equity section of the Balance Sheet as of December 31, 2012. Below, see an example of what the Stockholder's section of the Balance Sheet should look like. Net income for the year was $72,000 and no dividends were declared which means Retained Earnings has a credit balance of $72,000 as of December 31, 2012. The stockholders' equity section of Piper Corporation's balance sheet at December 31, 2011, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 400,000 shares authorized; 300,000 issued and outstanding $3,000,000 Paid-in capital in excess of par 1,200,000 Total paid-in capital 4,200,000 Retained eamings 900,000 Total stockholders' equity $5,100,000 During 2012, the following stock transactions occurred: Jan. 18 Issued 60,000 shares of common stock at $23 per share. Aug. 20 Purchased 15,000 shares of Piper Corporation's common stock at $25 per share to be held in the treasury