Event 1 On March 11, 2017, Wave Corporation issued (sold) 10 million of its 9.2% preferred shares. The preferred shares have a $1 par value (per share) and were issued (sold) at $44 (per share).

Event 2 On November 22, 2017, Wave Corporation exchanged 1 million common shares ($1 par value/share) for eight water pumps. Each pump was custom built and no cash price was available. Wave Corporation common shares were listed (market value) at $10/share in November 2017.

Event 3 On November 23, 2017, Wave Corporation sold 1 million common shares and 1 million preferred shares for $60 million. Note: The preferred shares had not been traded since March of 2017 and their market value was uncertain

Stockholders' Equity Section as of December 31, 2016 Activity in 2017 - During 2017, several transactions affected stockholders' equity of Wave Corporation. Required: 1. Prepare the necessary journal entry(s) for the following events (transactions). 2. Prepare the Wave Corporation, Stockholders' Equity Section as of December 31, 2017