on January 1, Electric Pump Company has total stockholders’ equity of $4,400,000 and 50,000 outstanding shares of a singleclass of $25 par value capital stock. During the year, the corporation completes the following transactions affecting its stockholders’ equity accounts.Jan. 10The board of directors declares a cash dividend of $4.20 per share, payable on February 15.Feb. 15Paid the cash dividend.Apr. 30 The capital stock is split, two shares for one.June 11The corporation acquires 2,000 shares of its own capital stock at a cost of $56.60 per share.Nov. 10 A 5% stock dividend is distributed (market value $60 per share).Dec. 12 The treasury stock is reissued at $61 per share.Dec. 31A cash dividend of $3 per share is declared, to be paid on Jan. 15.Dec. 31Net income of $378,000 is reported for year.Instructions:For extra practice, prepare the above journal entries. Then compute the amount of total stockholders’ equity and thenumber of shares of capital stock outstanding, following each successive transaction. Organize your solution as a two-columnschedule with separate column headings for (1) Total Stockholders’ Equity and (2) Number of Shares Outstanding