Problem 10-81A (Algorithmic) Presentation of Stockholders' Equity Meister Enterprises was organized in January 2019. During 2019, Meister engaged in the following stockholders' equity activities: a. Secured approval for a corporate charter that authorizes Meister to sell 500,000, $10 par common shares and 40,000, $100 par erred shares. b. Sold 50,000 of the common shares for $16 per share. c. Sold 2,000 of the preferred shares for $102 per share. d. Repurchased 550 of the common shares for the treasury at a cost of $13 each. e. Eamed net income of $33,300. 1. Paid dividends of $6,000. Required: Prepare the stockholders' equity portion of Melster's balance sheet as of December 31, 2019, Meister Enterprises Balance Sheet (Partial) December 31, 2019 Stockholders' Equity Preferred stock, $100 par, 40,000 shares authorized, 2,000 shares issued and outstanding Common stock, $10 par, 500,000 shares authorized, 60,000 shares issued and 59,450 outstanding Additional paid in capital 1105 AM c. Sold 2,000 of the preferred shares for $102 per share. d. Repurchased 550 of the common shares for the treasury at a cost of $13 each, e. Earned net income of $31,300. F. Pald dividends of $6.000. Required: Prepare the stockholders' equity portion of Meister's balance sheet as of December 31, 2019. Meister Enterprises Balance Sheet (Partial) December 31, 2019 Stockholders' Equity: Preferred stock, 5100 par, 40,000 shares authorized, 2,000 shares issued and outstanding Common stock, $10 par, 500,000 shares authorized, 60,000 shares issued and 59,450 outstanding Additional paid in capital Total capital stock Total stockholders' equity 11:05 AM 4/22/2021 ORI