Prepare a statement of shareholders' equity for Nicklaus Corporation for 2016. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) ***Can someone check my work and do number 3? I'm confused... Thank you

Part A In late 2015, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 6,000,000 shares of common stock carrying a $1 par value, and 2,000,000 shares of $5 par value noncumulative, nonparticipating preferred stock. On January 2, 2016, 4,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 2,000,000 shares of preferred stock are issued at $20 per share Required 1. Prepare journal entries to record these transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record issue of preferred shares Note: Enter debits before credits Date General Journal | Debit Credit January 02 Cash 40,000,000 Preferred stock 10,000,000 30,000,000 Paid-in capital-excess of par, preferred Record entry Clear entry View general journal 2. Prepare the shareholders'equity section of the Nicklaus balance sheet as of March 31, 2016 (Assume net income for the first quarter 2016 was $1,750,000.) NICKLAUS CORPORATION Balance Sheet- Shareholders' Equity Section March 31, 2016 Shareholders' equity Preferred stock Common stock Paid-in capital-excess of par $40,000,000 4,000,000 36,000,000 1,750,000 $ 81,750,000 etained earnings Total shareholders' equity