Excel Problem Stockholders Equity (33 points) Kara Corporation has the following capital structure at the beginning of 2021: 6% Preferred stock, $50 par value, noncumulative and nonparticipating, 20,000 shares authorized, 12,000 shares issued and outstanding $ 600,000 Common stock, $10 par value, 120,000 shares authorized, 80,000 shares issued and outstanding 800,000 Paid-in capital in excess of par 220,000 Total paid-in capital 1,620,000 Retained earnings 8800,000 Total stockholders' equity $2,500,000 The paid-in capital in excess of par all relates to the common stock. Instructions Prepare an excel workbook with THREE TABS presenting each of the following: (a) Journal entries for the following transactions which occurred during the year. 1. On June 25, 2021, 8,000 common shares of Treasury Stock were purchased for $12 per share. 2. On July 25, 2,000 of the Treasury Stock common shares were reissued for $11 per share. 3. Net income for the year was $300,000 4. A cash dividend of 50 cents per share of common stock and the preferred dividends were declared on December 31 and payable to stockholders of record on a date after year end. (b) The statement of stockholders equity for 2021 incorporating all the above information. Use cell referencing from the journal entries into the statement. (c) The stockholders equity section of the balance sheet for Kara Corporation at December 31, 2021. Use cell referencing from the statement of stockholders equity into this section of the balance sheet.