= Homework: Week One Partyline, Inc. reported the following shareholders' equity section as of the beginning of the current year: (Click the icon to view the data.) During the current year, Partyline engaged in the followin (Click the icon to view the transactions.) Read the requirements. Data table Question 11, P15-4 (similar to) Part 1 of 14 Transactions Stockholders' Equity Requirement a. Prepare all journal entries required to re Contributed Capital: 1. Issued 700,000 shares of its $1 par value common sto Account Common Stock, $1 par value, 3,950,000 authorized, 900,000 shares issued, and 821,500 shares outstanding Additional Paid-in Capital in Excess of Par - Common Total Contributed Capital 900,000 23,000,000 $ 23,900,000 Retained Earnings $ Accumulated Other Comprehensive Income Less: Treasury Stock (87,000 common shares at cost) Total Stockholders' Equity 9,106,200 1,100,200 (1,827,000) $ 32,279,400 Hel Requirements a. Prepare all journal entries required to record the transactions. b. Construct the shareholders' equity section for the year-end balance sheet as well as the relevant t-accounts. Type here to search Bi Done 1. Issued 700,000 shares of its $1 par value common stock at $26 per share. The underwriter charged a 3% fee for issuing the shares. The stock issue costs are not capitalized. 2. Issued 400,000 shares of $8 par value 11% preferred stock (2,650,000 authorized) at $35 per share. These shares were privately placed and Partyline did not pay stock issue costs. 3. Purchased 190,000 shares of common stock at $29 per share. 4. Declared a $436,000 dividend for the first half of the year. (The declarations should be recorded separately for the common and the preferred shares.) 5. Sold 113,000 of the treasury shares at $43 per share. (The 87,000 treasury shares on hand at the beginning of the year are considered sold first. The company paid $21 per share for these shares of treasury stock). 6. Paid the cash dividends. 7. Reported net income of $3,954,000 for the current year. 8. In addition to the net income, Partyline incurred an $855,000 unrealized loss on an available-for-sale debt investment. 9. Declared a $436,000 cash dividend for the second half of the year. (The declarations should be recorded separately for the common and the preferred shares.) 10. Closed out all dividend and other comprehensive income accounts. Print Done Clear all Check answer 46F Clear 7:36 PM 1/10/2022