On January 1, 2020, Bronson Corporation had the following information available regarding its stockholders' equity: $ 10,800,000 600,000 ? 7%, $60 par, cumulative Preferred Stock, 400,000 shares authorized Paid-in Capital in Excess of Par - Preferred Stock Common Stock, $4 par, 800,000 shares authorized, 310,000 shares issued, 270,000 shares outstanding Paid-in Capital in Excess of Par - Common Stock Paid-in Capital from Treasury Stock Transactions Treasury Stock (held at cost) Retained Earnings 9,700,000 90,000 1,120,000 41,300,000 The following transactions affecting stockholders' equity took place during 2020: 2/4/2020 Issued 80,000 shares of common stock for $32/share. 3/17/2020 Issued 20,000 shares of preferred stock for $65/share. 4/24/2020 Declared a cash dividend to shareholders of record on May 15, 2020 payable on May 31, 2020. The preferred shareholders are to receive their contractual preference (no dividends are in arrears) and the common shareholders are to receive $1.50/share. Use separate payable accounts for preferred and common dividends. 5/31/2020 Paid the cash dividend. 7/3/2020 Sold all of the treasury stock for $27/share. 8/15/2020 Declared a 4:1 stock split on the common stock. Authorized shares were adjusted to accommodate the split. 9/10/2020 Declared a 15% stock dividend on the common stock for shareholders of record September 30, 2020, to be issued on October 15, 2020. The market price of the common stock on September 10, 2020 was $9/share. 10/15/2020 Issued the shares in conjunction with the stock dividend. 11/18/2020 Repurchased 60,000 shares of its own common stock for $7/share. 12/14/2020 Closed out any and all dividend accounts. 12/31/2020 Closed $650,000 of revenues and 380,000 of expenses for fiscal 2020. Instructions YOU MUST COMPLETE THE PROJECT BY COMPUTER AND IT MUST BE FORMATTED TO PRINT CORRECTLY! 1) Open T-accounts for the stockholders' equity acconts that contain balances on January 1, 2020 and insert the appropriate balance labeling it 1/1/20. 2) Record formal journal entries for the 2020 transactions. Journal descriptions are not required. 3) Post the 2020 journal entries to the stockholders' equity T-accounts (or create new stockholders' equity T-accounts if necessary) labeling each entry with the apporpriate date. 4) Prepare the stockholders' equity section of the balance sheet at December 31, 2020. Follow the format on page 646 (Method 1) displayed in your textbook