Current Attempt in Progress On December 31, 2021, Jons Company had 1,300,000 shares of $5 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $6,500,000 1,800,000 1,200,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. 2. 3. On January 10, issued at $107 per share 120,000 shares of $100 par value, 9% cumulative preferred stock. On February 8, reacquired 15,000 shares of its common stock for $11 per share. On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31. On June 8, declared a cash dividend of $1.2 per share on the common stock outstanding, payable on July 10, to stockholders of record on July 1. Net income for 2022 was $3,600,000. 4. 5. Record the journal entries that are required for items 1-5 above. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) late Account Titles and Explanation Debit Credit 1. 10 Cash 12840000 Preferred Stock 12000000 Paid-in Capital in Excess of Par Value-Preferred Stock 840000 1.8 Treasury Stock 165000 Cash 165000 y 9 Cash Dividends 1080000 Dividends Payable 1080000 1.8 Cash Dividends 1542000 Dividends Payable 1542000 1.10 Dividends Payable 1080000 Cash 1080000 10 Dividends Payable 1542000 Cash 1542000 c. 31 Income Summary 3600000 Retained Earnings 3600000 (To close net income) c.31 v Retained Earnings 2622000 Cash Dividends 2622000 (To close cash dividends) Prepare the stockholders' equity section of Jonss' balance sheet at December 31, 2022. JONS COMPANY Partial Balance Sheet For the Year Ended December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock $ 12000000 Common Stock 6500000 Total Capital Stock $ Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Common Stock 840000 Paid-in Capital in Excess of Par Value-Preferred Stock 1800000 Paid-in Capital Additional Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings v Less : Treasury Stock Total Stockholders' Equity $