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P8.55.Rand.A Questionl Not complete Marked out of 20.00 Flag question Identifying and Analyzing Financial Statement Effects of Stock Transactions The stockholders' equity of Gaulin Company at the start of the current year follows: Common stock, $5 ar value, 350,000 shares authorized; 150,000 shares issued and outstandin Paid-in capital in excess of arvalue Retained earnin During the current year, the following transactions occurred: Jan. 5 Issued 10,000 shares of common stock for $12 cash per share. Jan. 18 Purchased 4,000 shares of common stock for the treasury at $14 cash per share. Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $17 cash per share. July 17 Sold 500 shares of the remaining treasury stock for $13 cash per share. $ 750,000 600,000 346,000 Oct. 1 Issued 5,000 shares of 8%, $25 par value preferred stock for $35 cash per share. This is the first issuance of preferred shares from the 50,000 authorized shares. (a) Use the financial statement effects template to indicate the effects of each transaction. Use negative signs with answers, when appropriate. Balance Sheet Noncash Assets = Liabilities Income Statement Transaction Cash Asset an. 5 an. 18 Mar. 12 ul .17 Oct. 1 Contributed + Capital + Earned Capital Net Revenue - Expenses = Income (b) Prepare the current year stockholders' equity section of the balance sheet assuming that the company reports net income of $72,500 for the year. Use a negative sign with your answer for treasury stock. Stockholders' Equity Paid-in ca ital 8% Preferred stock, $25 arvalue, 50,000 shares authorized, 5,000 shares issued and outstandin Common stocV>par value, 350,000 shares authorized; 160,000 shares issued Additional aid-in ca ital Paid-in ca ital in excess of Paid-in ca ital in excess of Paid-in ca ital from treasu Total aid-in ca ital Retained earnin arvalue- referred stock ar value-common stock stock Less: Treasu stock (2,500 shares) at cost (use a ne Total Stockholders' E ui Check ative si n with our answer)