Peeler Company was incorporated as a new business on January 1,2017 . The corporate charter approved on that date authorized the issuance of 1000 par, 7\% cumulative, nonparticipating preferred stock and 11,000 shares of $5 par common stock. On January 10 , Peeler issued for cash 570 shares of pref at $110 per share and 3,700 shares of common stock at $84 per share. On January 20 , it issued 1,000 shares of common stock to acquire a building site at a time when the stock was selling for $69 per share. During 2017, Peeler established an employee benefit plan and acquired 530 shares of common stock at $60 per share as treasury stock for that purpose. Later in 2017, it resold 120 shares of the stock at $66 per share. On December 31, 2017, Peeler determined its net income for the year to be $44,400. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $4 per share to the common stockholders. The dividends will be paid in 2018. Required: 1. Develop the Stockholders' Equity category of Peeler's balance sheet as of December 31, 2017. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Check My Work 1) When stock is issued for cash, the amount of its par value should be reported in the stock account and the amount in excess of par should be reported in the related additional paid-in capital account. Determine the appropriate account balances for the Preferred and Common Stock accounts and the related addional paid-in capital accounts. 2) Retained earnings is the accumulation of net income/loss minus dividends. Determine the account balance in Retained earnings. 3) Treasury stock is created when a company buys back (repurchases) its own stock. Determine the balance in the Treasury stock account. 4) The Stockholders' Equity section lists the contributed capital accounts, retained earnings and other accounts (e.g. Treasury stock). . Indicate on the statement the number of shares authorized, issued, and outstanding for both preferred and common stock. Analysis of Stockholders' Equity The Stockholders' Equity section of the December 31, 2017, balance sheet of Eldon Company appeared as follows: Required: Determine the following items based on Eldon's balance sheet. Round all calculations except per-share amounts to the nearest whole number; round per-share amounts to the nearest cent. 1. The number of shares of preferred stock issued X shares 2. The number of shares of preferred stock outstanding shares 3. The average per-share sales price of the preferred stock when issued $ per share 4. The par value of the common stock 4. The par value of the common stock $ per share 5. The average per-share sales price of the common stock when issued per share 6. The cost of the treasury stock per share $ per share 7. The total stockholders' equity $ 8. The per-share book value of the common stock assuming that there are no dividends in arrears and that the preferred stock can be redemed at its par value per share Ireasury Stock The Stockholders' Equity section of Preston Enterprises' balance sheet on January 1, 2017, appeared as follows: Common stock, $10 par, 10,000 shares issued and outstandinq $100,000 1. Identify and analyze the effect of each transaction. The following transactions occurred during 2017: a. Reacquired 2,000 shares of common stock at $20 per share on July 1. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. b. Reacquired 300 shares of common stock at $18 per share on August 1. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. 2. Assume that the company resold the shares of treasury stock at $28 per share on 1. The resale price of the treasury stock is $64,400, which when compared to its original cost, yielded . in the amount of $. This is shown on the balance sheet as a(n) in the account