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During its second year of operations, Panzarella Cocporation entered into several transoctions reloting to shareholders' equify. The articles of incorporation authorized the issue of 7000,000 common shares, 52.50 par per share, and 900,000 preferred shares. $3000 por per share. Its balance sheet at December 31 of the pilor year follows. Required: 1. Prepare the appropriate journal entry for each of the following transactions: February 1 5old 1,750,000 connon shares for 515, ee per share. Apri1 1 Reacquired 35 , e0e conon shares to be held in treasury at 517 . 60 per share. May 1 sold 7, eee of its treasury shares for $18.70 per share. Septenber 1 sotd 10,500 of its treasury shares for $13,60 per share. 2. Prepare the shareholders' equity section of the December 31 balance sheet for the current year ended December 31 . Navigation: 1. Use the Open Excel in New Tab button to lounch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect