FUNDAMENTALS OF ACCOUNTING III ACCT 113 ZOOGLE CORPORATION Zoogle Corporation became a public Company on January 1, 2007, for the purpose of operating a Lost- Pet search business. The Charter authorized the following stock Common Stock, $0.10 par value, 20,000 shares. Preferred Stock, 5 percent noncumulative, $10 par value, 5,000 shares The following summarized transactions, selected from 2007, were completed on dates indicated: a. Jan 1 b. Feb 1 July 1 C. Issued a total of 8,000 shares of $.10 par value Common stock for cash at $50 per share. Sold 2,000 shares of Preferred stock at $102 per share; cash collected in full. Purchased 400 shares of common stock that had been issued earlier. Zoogle Corporation paid the stockholder $54 per share for the stock, which is currently held in treasury. d. Aug 1 Sold 30 shares of the common treasury stock at $56 per share. e. Dec 31 The board decided not to declare any dividends for the current year. Required: 1. Give the appropriate journal entries, and show calculations for each transaction. 2. Prepare the stockholders' equity section of the balance sheet for Zoogle Corporate at December 31, 2007. Assume that Retained earnings is $31,000.