Critical Thinking Assignment 7 Cody Mountain Sports is looking to raise additional funding for their business to expand. They will be able to acquire cash in addition to a new vehicle for their employees to use for travel to guided tours. Before the following transactions, their balance of common stock on April 19, 2021 was $100,000 and included 100,000 shares of common stock issued and outstanding. There was no Paid-In Capital In Excess of Par-Common) and no preferred stock issued at this point. Cody Mountain Sports had the following transactions in April 2021: Apr. 1 Issued 45,000 shares of $1 par value common stock for a total of $90,000. Apr. 9 Issued 10,000 shares of 8%, $2 par value preferred stock in exchange for the truck with market value of $30,000. Apr. 15 Declared total cash dividends of $5,000. Apr. 19 Declared a 4% common stock dividend when the market value of the stock was $5.00 a share. Apr. 30 Paid the cash dividends. Apr. 30 Distributed the stock dividend. I Requirements: 1. Journalize all transactions. 2. Calculate the balance in Retained Earnings as of April 30th, 2021. Assume the balance on April 1st, 2021 was $3,400 and net income was $5,900. 3. Prepare the stockholders' equity section of the balance sheet as of April 30th, 2021. Clipboard Font A1 > fx F A B. D E Debit Account Credit Account Debit Amount Credit Amount Cash $ 90,000.00 Common Stock $ 45,000.00 Paid-In Capital in Excess of Par. $ 45,000.00 1 2 Apr. 1 3 4 5 6 Apr. 9 7 8 9 10 Apr. 15 11 12 13 14 Apr. 19 15 16 17 18 Apr. 30 19 20 21 22 Apr. 30 23 24 25 00 B D 1 CMS 2. Statement of Retained Earnings 3 For Month Ending April 30th, 2021 4 5 Retained Earnings, Beginning Balance 6 Net Income 7 Cash Dividends Declared 8 Stock Dividends Declared $ 9 Retained Earnings, Ending Balance $ 10 11 12 A1 - fx fx CMS B 1 CMS 2 Balance Sheet (Partial) 3 For Month Ending April 30th, 2021 4 Stockholders' Equity 5 Preferred Stock 6 Paid-In Capital in Excess of Par-Preferred 7 Common Stock 8 Paid-In Capital in Excess of Par - Common 9 Total Paid-Capital 110 Retained Earnings $ 111 Total Stockholders' Equity $ 12 13 14