Problem 1, 28 points American Laser had the following Equity Section of the Balance Sheet as of December 31, 2019. Common Stock, $1 par $10,000 Additional Paid in Capital-CS 120,000 Retained Earnings 82,000 During 2020, American Laser had the following transactions in date order: a) Issued 5,000 shares of common stock for $16 per share. b) Declared a dividend on the outstanding shares of stock for $1.20 per share. c) Purchased 3,000 shares of its own stock for $20 per share. d) Paid the dividend. e) Issued 2,500 shares in exchange for advertising services when the stock was valued at $18 per share. f) Sold 800 treasury shares for $21 per share. g) Informational (no JE needed): Net income for the current year is $68,000. Prepare the journal entries for a-f above. Prepare the Equity Section of the Balance Sheet as of December 31, 2020