Aler looking into debt financing through notos, mortgage, and bonds paryable, Treo Top Company docides lo raise additional capital for a plannod business axpansice The company will be able to acquire cash as woll as land adjacent to its cutrent business location: Before the following transactions, the balance in Common Stock con Janiary 1, 2027 was $750,000 and included 150,000 shares of common-stock issuod and outstanding (There was no Paid-In Capital in Excess of Par - Common. Tree Top Company had the folowing transactions in 2027 : (Click the icon to vien the transactions.) Read the requirements. Requirements 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1, 2027 was $5,000 and net income for the year was $472,000. 3. Prepare the stockholders' equity section of the balance sheet as of December 31,2027 . There was no preferred stock issued prior to the 2027 transactions. Dec. 15: Declared total cash dividends of $16,000. Dec. 15: Declared total cash dividends of $16,000. Dec. 20: Declared a 5% common stock dividend when the market value of the stock was $10.00 per share. Dec. 20: Declared a 5% common stock dividend when the market value of the stock was $10.00 per share. Dec. 31: Paid the cash dividends. Dec. 31: Paid the cash dividends. Dec. 31: Distributed the stock dividend. Requirement 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1, 2027 year was $472,000