Equity Transactions IL The Sharp Company was organized on January 1, 2010 with an authorization of 100,000 shares of $1 par value common stock. a. During 2010, 60,000 shares sold for a total of $1,260,000 and Sharp recorded $300,000 as net income. No dividends were declared or paid. b. In January 2011, 10,000 shares of treasury stock were purchased for $300,000. c. In July 2011, 2,500 treasury shares were sold for $80,000. d. In November 2011, 3,000 shares of treasury stock were retired when the market value per share was $21. e. In early December 2011, a 10% stock dividend (considered to be a small stock dividend) was declared and issued, when the market value was $30 per share. The stock dividend was declared on issued shares f. On Dec. 15, 2011, 5,000 shares were subscribed for $32 per share. $12 per share was received at the time of subscription, with 2 remaining payments of $10 each due at the end of each of the next three years. g. A cash dividend of $0.50 per share was declared on Dec. 31, 2011, payable January 15, 2012. h. Net income for 2011 was $150,000. Required: Prepare the stockholders' equity section of Sharp's balance sheet on December 31, 2011. Use the worksheet on the next page. Then complete the equity section of the balance sheet on the page following the schedule. Equity Worksheet: Add needed accounts/columns: Transaction CS Par Pd-in Excess RE Net Assets 1,560,000 60,000 CS Shares Balance 60,000 1,200,000 300,000