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2 Using Excel for stockholders' equity transactions and preparing financial statements 4 Nation Corporation began operations on January 2, 2018, and had the following transactions during the year Jan. 2 issued 250,000 shares of $1 par value common stock at $45 per share. Total shares authorized: 1,000,000 Feb. 5 issued 10,000 shares of $50 par, 5% cumulative preferred stock at $65 per share. Total shares authorized: 25,000 Mar. 15 issued 150,000 shares of $1 par value common stock at $35 per share Apr. 2Declared a $250 per share cash dividend on its preferred stock to be paid on April 25. Date of record is April 10 Apr. 3 Declared a 50.10 per share cash dividend on its common stock to be paid on April 26. Date of record is April 10 Apr 25 Payment of cash dividend on preferred stock. Apr 26 Payment of cash dividend on common stock Jun 1 Declared a 2% stock dividend on common stock outstanding Current market price of the stock was $48 per share. Date of recordis June 15 Jun 30 Distributed common stock dividend to shareholders Oct. 10 Purchased 2 500 shares of treasury stock-common at $52 per share Nov. 15 Sold 2,000 shares of treasury stock common at $54 per share 17 Use the blue shaded areos on the INTER ANSWERS tob for inputs. 18 ALWAYS use cell references and formulas where appropriate to receive full credit. Copy/pasting values will NOT earn full points. 21 Requirements: 22 Journaise Nexion's transactions for 2018 Prepare the stockholders'equity section of the ancesheet as of December 11, 2018, including the leading A ime Nation had net income of $15.000.000 during 2018 21 24 Determine Naxion's earnings per share for 2018, rounded to two decimal places. For the average number of common shares outstanding average the number of shares outstanding on 3 January 2 and December 31 Assuming Nation's market value per common shares of December 31, 2018 W $55. calculate Nation'spice/earningsratio for 2018 rounded to two decimal places Requirement 2 Prepare the stockholder's equity section of the balance sheet as of December 31, 2018. Assume Naxion had net income of $15,000,000 during 2018 (Always use cell references and formulas where appropriate to receive full credit.) Stockholders' Equity Paid In Capital: Preferred Stock Common Stock Total Paid-in Capital Retained Earnings Treasury Stock-Common Total Stockholders' Equity Requirement 3 Determine Nation's earnings per share for 2018, rounded to two decimal places. For the average number of common shares outstanding, average the number of shares outstanding on January 2 and December 31. (Always use cell references and formulas where appropriate to receive full credit.) Formula Requirement 4 Assuming Nation's market value per common share as of December 31, 2018 was $55, calculate Nation's price/ earnings ratio for 2018, rounded to two decimal places. (Always use cell references and formulas where appropriate to receive full credit.) Formula HINTS Cell Hint: C11:012 Use an equal sign (=) and appropriate cell references to ENTERANSWERS1 worksheet. C14:016 Use an equal sign(), appropriate cell references and numeric values from ENTERANSWERSI and ENTERANSWERS2 worksheets. C17Use the function SUM) to calculate the total paid-in capital. C18 Use the numeric value of net income in calculation of retained earnings. Note that Naxion had net income of $15,000,000 during 2018 C20 Treasury Stock should be entered as a negative value. Use a minus sign in front of the formula for Treasury Stock value. C29 | Use the function ROUND(), appropriate cell references and numeric values from ENTERANSWERS1 and ENTERANSWERS2 worksheets C37 Use the function =ROUND(), appropriate cell references and numeric values from ENTERANSWERS2 worksheet. (Always use cell references and formulas where appropriate to receive full credit.) Account and Explanation Debit Credit Jan 21 Issued common stock at a premium Feb. 51 Issued preferred stock at a premium. Mar. 15 Issued common stock at a premium Apr. 21 Declared a cash dividend on preferred stock. Aor Declared a cash dividend on common stock Apr. 25 Payment of cash dividend on preferred stock. Apr 26 Payment of cash dividend on common stock Jun 11 Declared a 2% stock dividend on common stock. Issued 2% common stock dividend. Oct. 10 Purchased treasury stock - common Nov. 15 Sold 2,000 shares of treasury stock-common at $54 per share. HINTS 1. Use an equal sign(e) and numeric values from the table of transactions in Instructions worksheet for calculations