Item 1: On January 1, 2023, Entity L had 80,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 90,000 shares of common stock at $8 per share. June 1 Declared a cash dividend of $1.50 per share to stockholders of record on June 15 June 30 Paid the $1.50 cash dividend Dec. 1 Purchased 6,000 shares of common stock for the treasury for $12 per share Instructions: Prepare journal entries to record the above transactions. Show your calculations. Item 2: The December 31, 2023 balance sheet of Entity M showed the following: Treasury stock (6,000 shares common). $ 66,000 Paid-in capital in excess of par value - common stock. 1,800,000 9% preferred stock, $100 par value, cumulative, 30,000 shares authorized; 12,000 shares issued, ? outstanding $ 1,200,000 Common stock, $10 stated value, 500,000 shares authorized: 300,000 shares issued, ? shares outstanding 3,000,000 Paid-in capital in excess of par value preferred stock.. 210,000 Retained earnings 1,358,000 Instructions: What is total stockholders' equity? Prepare the stockholders' equity section of the balance sheet. You should look at Illus. 11.18 to get a sense of what yours should look like. Use good form, indicating the number of authorized, issued, and outstanding shares for each class of stock