der Widerness Company decides to taise additional ca current business focation. Before the following transact stock issued and outstanding (There was no Paid-In C 27 ct the explanation on the last line of the joumal entry roblem Common Stock-\$1 Par Value Common Stock Dividend Distributable er looking pansion. T Dividends Payable-Common ck on Jar -Comm Dividends Payable_Preferred (Click th Land Paid-In Capital in Excess of Par-Common Paid-In Capital in Excess of Par-Preferred Preferred Stock-\$12 Par Value Alter looking into debt financing through notos, mortgago, and bonds payable, Wonder Wilderness Company decides to raise additional capitail for a planined business expansion. The company will be able to acquire cash as well as land adjacent to its current business location. Before the following transactions, the balance in Cornmon Stock on January 1,2027 was $140,000 and included 140,000 shares of common stock issued and outstanding (There was no Paid-in Capital in Excess of Par-Cornrnon.) Wonder Wilderness Company had the following transactions in 2027 (Click the icon to view the transactions.) Read the Requirement 1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Jan 1. Issued 40.000 thares of $1 par value cornmon stock for a total of $120,000. Requirements 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1,2027 was $5,000 and net income for the year was $454,000. 3. Prepare the stockholders' equity section of the balance sheet as of December 31,2027 . There was no preferred stock issued prior to the 2027 transactions