Exquisite Jewellery Limited reported the following summarized balance sheet at December 31, 2016: Assets Current assets.................................................................................. $33,400 Property and equipment, net........................................................... 51,800 Total assets ...................................................................................... $85,200 Liabilities and Equity Liabilities......................................................................................... $37,800 Shareholders equity: $0.50 cumulative preferred shares, 400 shares issued.................. 2,000 Common shares, 6,000 shares issued .......................................... 23,400 Retained earnings ........................................................................ 22,000 Total liabilities and equity................................................................ $85,200 During 2017, Exquisite completed these transactions that affected shareholders equity: Feb. 13 Issued 5,000 common shares for $4 per share. June 7 Declared the regular cash dividend on the preferred shares. July 24 Paid the cash dividend. Aug. 9 Declared a 10% stock dividend on the common shares. Market price of the common shares was $5 per share. Aug. 23 Distributed the stock dividend. Nov. 20 Issued 200 common shares for $8 per share. Requirements 1. Journalize Exquisites transactions. Explanations are not required. 2. Report Exquisite Jewellery Limiteds shareholders equity at December 31, 2017. Net income for 2017 was $27,000.