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Problem 2 pripes Corporation sells window coverings. The following selected accounts appear in the lodger of Drapes Corporation on January 1, 2020, the first day of the fiscal year: Preferred 3% stock, cumulative, $5 par (1,500,000 shares authorized) Paid-in-capital in excess of par preferred stock 6,455,000 Common stock, 50.50 par (5,000,000 shares authorized) 462,500 Paid-in-capital in excess of par-common stock 6,937,500 Retained earnings 9,900,000 How many shares of preferred stock are issued on January 1? How many shares of common stock are issued on January 1? How many shares of common stock are outstanding on January 1? Justify your answer or $19.50 per share 000 shares of comcommon stock for $ During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Feb. 3 Purchased 30,000 shares of treasury common stock for $19.50 per share. Mar. 3 Sold 8,000 shares of treasury common stock for $22 per share. Jun 12 Issued 32,000 shares of common stock at $20 share, receiving cash. The shares had never been issued before; they were not treasury shares Oct. 13 Sold 12,000 shares of treasury common stock for $19.40 per share. Oct. 27 Declared cash dividends totaling $175,000. This is the second year that the corporation is in business and no dividends were declared during the first year of operations Nov. 25 Paid dividends Dec 31 Closed the credit balance of the Income summary account, $800,000. Instructions: 1. Enter the January 1 balances of the Stockholders' Equity accounts into a General Ledger format (T accounts). 2. Journalize the entries to record the transactions and post to the appropriate T accounts. As becomes necessary, open additional stockholders' equity Taccounts (for accounts that did not have a balance on January 1, but subsequent transactions required their use). 3. Prepare the Statement of Statement of Stockholders' Equity for the year ended December 31, 2020 NOTE: Refer to the Statement of Stockholders' Equity illustration posted on D2L under the CH13 module. Be sure to divide the dividends declared into preferred and common, as the facts of the problem require. 4. Prepare the Stockholders' Equity section of the December 31, 2020 Balance Sheet. NOTE: Attach any additional pages that you created while completing steps 1-4. They can be prepared handwritten or electronically. How many shares of common stock are issued on December 31, 2020? How many shares of common stock are outstanding on December 31, 2020? Instructions: Indiente Poble Them destach individual transactions on the items in question for effects include: No cinct, increase or Degree e of common stock is provided an ample. Solec Troury Stock for more than the cost to purchase Declaration and distributon stock dividend Dederation and Payment of cash dividend common stock bove Purchase Treasury Stack Number ochored shares Number of outstanding shares No effect No effect Increase In case Increase Increase No effect No effect Total stocholderscout Assets Retained Earnings Net Income Problem 3