Classic Sales Corp. (CSC) is authorized to issue 3,750,000 shares of $5.00 par common stock. In its initial public offering (IPO) during January, 2014, CSC issued 360,000 shares of its $5.00 par common stock for $5.50 per share. Over the next two years (through 2015). CSC's stock price increased, and the company issued 400.000 more shares at an average price of $9.50. Early in 2016, the price of CSC's common stock dropped to $7.50, and CSC purchased 59.000 shares of its common stock for the treasury. After the market price of the common stock rose later in the year. CSC sold 45,000 shares of the treasury stock for $10.00 per share. During the years 2014 through 2017, CSC canted net income of $940,000 and declared and paid cash dividends of S245,000. Stock dividends of $441,630 were distributed to shareholders in 2017, with $315,450 credited to common stock and $126,180 credited to additional paid-in capital. At December 31, 2017, total assets of the company are $14,500,000 and liabilities add up to $8,017,500. First write all journal entries for the above transactions. Gather totals in T-accounts for all stockholders' equity accounts. Prepare the stockholders' equity section of the balance sheet as of December 31,2017. Show on a separate sheet of paper how each amount was calculated. Then answer these questions: Exclude the treasury stock transactions from this calculation and include all other common stock transactions. What was the average issue price of this stock? Net income for year 2017 was $340,000. Based on the number of shares of stock outstanding year-end, calculate earnings per share (EPS)