On December 31, 2020, the owner's equity section of Jackel's balance sheet reported the following: $ 600,000 P/S, 5%, $100 par value, 6,000 shares issued and outstanding C/S, $1 par, 50,000 shares issued and outstanding 50,000 PICX - P/S 60,000 PICX - C/S 900,000 Retained Earnings 500,000 Total Owners' Equity $2,110,000 During 2021, the following transactions took place: May 1 Declared and paid a 50% stock dividend on the outstanding common stock when the market price of the stock was $40 per share. June 15 December 1 Purchased 5,000 shares of common stock at $41 per share for treasury purposes. Reissued 3,000 shares of treasury stock at $40 per share. December 31 Declared and paid the stated dividend on the P/S and $0.10 per share dividend on the C/S. A. Prepare entries for each the above transactions. DATE ACCOUNT (20 points) CREDIT B. Assume Jackel's 2021 net income was $200,000. Use this information and the entries made on the previous page to complete Jackel's 2021 Statement of Owners' Equity (10 points) NOTES: 1. Provide descriptions or explanation of each transactions in the first column. 2. Do not separate PICX into individual categories - combine all PICX entries one column. 3. You may or may not need all lines provided. January 1, 2021 December 31, 2021 P/S 600,000 Jackel Company Statement of Owner's Equity For the Year Ended December 31, 2021 C/S 50,000 PICX 960,000 Retained Earnings 500,000 Treasury Stock 0 Total Owners' Equity 2,110,000