Garthock, Inc. currently has 6 million authorized shares of S5 par-value common stock, 2 million shares of which were issued and outstanding. Common stock Additional paid-in capital Retaining earnings $10,000,000 7,500,000 3,250,000 Transactions during 2016 and other information relating to Garthock's equity accounts were as follows: On January 5, the Company issued 100,000 shares of $50 par-value, 9% cumulative, convertible preferred stock at $54 per share. Each share of preferred stock is convertible, at the option of the holder, into two shares of common stock. Garthock had 250,000 authorized shares of preferred stock. The preferred stock has a liquidation value of $55 per share. On February 1, the Company reacquired 20,000 shares of its common stock for $16 per share. The Company accounts for reacquired shares using the treasury stock method. S12 per share. on July 10, 2016, to shareholders of record on July 1, 2016 February for S21 per share. .On April 30, the Company issues 500,000 shares of its S5 par-value common stock for On June 17, Garthock declared a cash dividend of $1 per share of common stock, payable On November 6, the Company reissued 10,000 shares of the treasury stock from .On December 7, the Company declared the yearly cash dividend on preferred stock, payable on January 7, 2017, to shareholders of record on December 31, 2016. On January 17, 2017, before the books were closed for 2016, Mart became aware that the ending inventories at December 31, 2015, were overstated by $200,000. The tax rate applicable to 2015 net income was 30%. .After correction of the beginning inventorics, net income for 2016 was $2,250,000 Required: Prepare in Microsoft Excel, a Statement of Shareholders Equity in good form. Be sure to attach a calculation for the prior period adjustment. Rccommended: Prepare journal entries for each transaction supported by calculations and post to T-Accounts