Problem 2-How to treat excess-paid in capital and other accounts after selling buying shares? Suppose ABC company made the following transaction in the year 2022 1. Buys back 10,000 new common shares at a market price of $30which have a par value of $10. Excess paid in capital will be affected by this transaction #1. 2. Sells 100 new preferred shares at par value of $100. Excess paid in capital is unaffected by this transaction #2 3. Company took additional loan of $10,000 in the form of notes payable 4. They also paid off $10,000 of long-term liabilities 5. Marketable securities, inventories, net fixed assets, and accounts payable are not affected. Prepare the balance sheet with correct entries after the above five transactions 17 points point for each cell Cash Marketable Securities Inventory Total Current Assets Net Fixed assets Total assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Notes Payable Total Current Liabilities Old Balance Sheet as of 12/31/2021 NEW Balance Sheet As of 12/31/2022 Assets $340,000 $60,000 $100,000 $500,000 $700,000 $1,200.000 550,000 $40,000 $90,000 Long Term Liabilities Total Liabilities $110,000 $200,000 Stockholders' Equity Preferred stocks: $100 par value; 500/600 shares $50,000 Common stocks; $10 par value; 60,000/50,000 shares $600,000 Capital paid in excess of par (Common stocks) $300,000 Retained Earings $50,000 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $1,000,000 $1,200,000