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Requirement 1. Journalize the transactions. (Record debis first. then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Issued 60,000 shares of $1 par valve commen stock for a fotal of $720,000. Dec. 15: Declared total cash dividends of $6,000. Dec. 20: Declared a 5% common stock dividend wt Dec. 31: Paid the cash dividends. Dec, 31: Paid the cash dividends. Dec. 31: Distributed the stock dividend. Requirement 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1,2027 was $5,000 and net income for the year was $436,000. Complete the table below to calculate the balance in Retained Eamings on December 31, 2027. R p L R Requirement 3. Prepare the stockholders' equity section of the balance sheet as of December 31. 2027. There was no preferred stock issued prior to the 2027 transactions. Review the journal entries from Requirement 1. Requirement 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2027. There was no preferred stock issued prior to the 2027 transactions. Review the journal entries from Requirement 1 . After looking into debt financing through notes, mortgage, and bonds payable, Tree Top Company decides to raise additional capital for a planned business expansion. The company will be able to acquire cash as well as land adjacent to its current business location. Before the following transactions, the balance in Common 5 tock on January 1 , 2027 was $100,000 and included 100.000 shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess of Par-Common.) Tree Top Company had the following transactions in 2027: (Click the icon to view the transactions.) Read the cequirements. Requirement 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2027. There was no preferred stock issued prior to the 2027 transactions. Review the journal entries from Requirement 1 . Requirements 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1, 2027 was $6,000 and net income for the year was $436,000. 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2027. There was no preferred stock issued prior to the 2027 transactions