> Continuing Problem P13-54 Journalizing stock issuances, cash di dividends, and stock dividends; preparing stockholders' equity section of balance sh This problem continues the Canyon Canoe Company s After looking into debt financing through notes, morgg e plann sheet situation from Chapter 12. mortgage, and bonds payable, ompany decides to raise additional capital for the planned busin expansion. The company will be able to acquire cash as well as its current business location. Before the following transactions the balance in tock on January 1, 2021, was $136,000 and included 136,000 shares of Paid-In Capital in Excess of Common S common stock issued and outstanding (There was no Pa Par-Common.) Canyon Canoe Company had the following transactions in 2021 Jan. 1 Issued 50,000 shares of $1 par value common stock for a totai of $200,000. 10 issued 20,000 shares of 4%, $3 par v land with a market value of $70,000. alue preferred stock in exchange for Dec. 15 Declared total cash dividends of $15,000. 20 Declared an 8% common stock dividend when the market value of the 31 Paid the cash dividends. 31 Distributed the stock dividend stock was $4.50 per share. Requirements 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2021. Assume the balance on January 1, 2021 was $4,250 and net income for the year was $417,000 Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. There was no preferred stock issued prior to the 2021 transactions 3