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1-4, LOTIS OBLEM 11.4A kholders' Equity: A Comprehensive lem Early in the year Bill Sharnes and several friends organized a corporation called Sharnes Comme llications, Inc. The corporation was authorized to issue 50,000 shares of 5100 par valuc, 10 petcent cumulative preferred stock and 400,000 shares of S2 par value common stock. The following ten actions (among others) occurred during the year Jan. 6 Issued for cash 20,000 shares of common stock at 514 per share. The shares were issued to Sharnes and 10 other investors Jan. 7 Issued an additional 500 shares of common stock to Sharnes in exchange for his ser- vices in organizing the corporation. The stockholders agreed that these services were worth $7,000. Jan. 12 Issued 2,500 shares of preferred stock for cash of $250,000 June 4 Acquired land as a building site in exchange for 15,000 shares of common stock In view of the appraised value of the land and the progress of the company, the directors agreed that the common stock was to be valued for purposes of this transaction at Sis per share. Nov. 15 The first annual dividend of $10 per share was declared on the preferred stock to be paid December 20 Dec. 20 Paid the cash dividend declared on November 15. Dec. 31 After the revenue and expenses were closed into the income Summary account, that account indicated a net income of S147,200. Instructions 2. Prepare journal entrics in general journal form to record the above transactions. Include entries at December 31 to close the Income Summary account and the Dividends account b. Prepare the stockholders' cquity section of the Sharnes Communications, Inc., balance sheet at December 31