• 
  Matchlessly, Inc., was organized in 2017. At December 31, 2017, the company’s Balance sheet reported the following stockholders’ equity: Matchlessly, Inc. Stockholders’ Equity December 31,2017 Paid-in Capital Preferred stock, 7%, $40 par, 200,000 shares authorized, none issued $0 Common stock, $1 par, 600,000 shares authorized, 61,000 shares issued and outstanding 61,000 Paid-in capital in excess of par—common 41,000 Total paid-in capital 102,000 Retained earnings 29,000 Total Stockholders’ equity 131,000 
• Requirements: 
• 1. During 2018, the company completed the following selected transactions and you are required to journalize each transaction. Explanations are not required.
•  a. Issued for cash 1,300 shares of preferred stock at par value. 
• b. Issued for cash 2,400 shares of common stock at a price of $5 per share.
•  c. Net Loss for the year was $79,000, and the company declared no dividends. Make the closing entry for Net Loss.
•  2. Prepare the stockholders’ equity section of the Matchlessly Balance sheet as at December 31, 2018.