During its second year of operations, Panzarella Corporation entered into several transactions relating to shareholders' equity. The

articles of incorporation authorized the issue of $7,000,000$ common shares, $$2\mathrm{.}50$ par per share, and $900,000$ preferred shares,

$$30\mathrm{.}00$ par per share. Its balance sheet at December $31$ of the prior year follows.

Required:

Prepare the appropriate journal entry for each of the following transactions:

Prepare the shareholders' equity section of the December $31$ balance sheet for the current year ended December $31.$

Navigation:

Use the Open Excel in New Tab button to launch this question.

When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.Sold $1,750,000$ common shares for $$15\mathrm{.}00$ per share.

Reacquired $35,000$ common shares to be held in treasury at $$17\mathrm{.}00$ per share.Sold $1,750,000$ common shares for $$15\mathrm{.}00$ per share.

Reacquired $35,000$ common shares to be held in treasury at $$17\mathrm{.}00$ per share.