London Gems Company reported the following summarized Balance Sheet at December 31, 20X6: Assets Current assets... 33,500 Property and equipment, net. 63,100 Total assets.. 96,600 Liabilities and Equity Liabilities. 37,600 Shareholders' equity: 0.80 cumulative preference share, 15 par, 400 shares issued... 6,000 Ordinary share, 2 par, 6,300 shares issued.. 12,600 Paid-in capital in excess of par. 17,400 Retained earnings..... 23,000 Total liabilities and equity.. 96,600 During 20X7, London completed these transactions that affected shareholders' equity. Feb. 13 Issued 5,200 ordinary shares for 7 per share. Jun. 7 24 Aug. 9 Oct. 26 Declared the regular cash dividend on the preference share. Paid the cash dividend. Distributed a 20% share dividend on the ordinary share. Market price of the ordinary share was 8 per share. Reacquired 900 ordinary shares as treasury shares, paying 9 per share. Nov. 20 Sold 600 shares of the treasury shares for 14 per share. Requirements 1. Journalize London's transactions. Explanations are not required. 2. Report London's shareholders' equity at December 31, 20X7. Net income for 20X7 was 24,000.