Assignment Instructions: WeatherStrip Co. needed an infow of capital to expand their business.So the business incorporated and decided to issue stock. The charter from the state of Arkansas authorizes WeatherStrip to issue 150,000 shares of 6%, $200 par value preferred stock, and 500,000 shares of $2 par value common stock.Record the following stock transactions in the general journal on the "Worksheet(a)" tab.Then prepare the stockholder's equity section only of WeatherStrip's balance sheet as of December 31, 2016 on "Worksheet(b)" tab.Assume WeatherStrip had net income of $115,000 for the month of December. Upload your file in Blackboard when you are finished. Dec. 1, 2016 Issued 90,000 shares of common stock for cash when the market value of the shares was $17 per share. Dec. 5, 2016 Issued 750 shares of preferred stock for cash for $250 per share. Dec. 11, 2016 Issued 25,000 shares of common stock for cash when the market value of the shares was $12 per share. Dec. 14, 2016 The board of directors of WeatherStrip declared a cash dividend for stockholders of record on December 22, 2016. The dividend declaration was $35,000. (Use a separate Dividends Payable account for the common stockholders and the preferred stockholders.) Dec. 31, 2016 Paid the dividend.