journalizing stock issuances, cash dividends, stock dividends, and preparing stockholders' equity section of the balance sheet. (Chapter 13) Canyon Canoe Company will be able to acquire cash as well as land adjacent to its current business location. Before the following transactions, the balance in Common Stock on January 1, 2027, was \( \$ 136,000 \) and included \( \$ 136,000 \) shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess of Par-Common.) Canyon Canoe Company had the following transactions in 2017: Jan. 1 Issued 50,000 shares of \( \$ 1 \) par value common stock for a total of \( \$ 200,000 \). 10 issued 20,000 shares of \( 4 \%, \$ 3 \) par value preferred stock in exchange for land with a market value of \( \$ 70.000 \). Dec. 15 Declared total cash dividends of \( \$ 15,000 \). 20 Declared an \( 8 \% \) common stock dividend when the market value of the stock was \( \$ 4.50 \) per share. 31 Paid the cash dividends. 31 Distributed the stock dividend. Requirements: - Please create an excel sheet for each below requirement within one excel document. Label each sheet with the requirement number from the project. See the instructor if you have any questions on how to do this. 1. Journalize the transactions. 2. Create and post to the Taccounts or Ledgers. Only create what is needed for this problem. 3. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1, 2027, was \( \$ 4,250 \) and net income for the year was \( \$ 417,000 \). 4. Prepare the stockholders' equity section of the balance sheet as of December 31, 2027. There was no preferred stock issued prior to the 2027 transactions.