Problem 7 The Shareholder Equity section of Aires-Michelle Corporation had the following information on December 31, 2016 $525,000 Preferred Stock 8%, $70 par, cumulative, 10,000 shares authorized 2,500 shares issued and outstanding Common Stock , $22 par, 500,000 shares authorized 32,000 shares issued Paid- in capital in excess of par preferred stock Paid-in capital in excess of par common stock Retained Earnings 162656 Total Shareholder Equity 704,000 226 125,000 396,000 $2,250,000 $4,000,000 1 50830 The following transactions related to shareholder equity occurred during 2017: Jan 3 Issued 10,000 shares of common stock for $32 per share 31 XLROND = 720.065 June 1 Acquired a machine with a market value of $66,000 in exchange for 2,200 shares of common stock 2200 X22 -48400 66000 / 2100 - 30 Declared a 11.5% stock dividend on all common stock outstanding, the market price was $32 Sept 22 Nov 1 Acquired 750 shares of common stock as treasury stock at $27 per share 756x 22 2 5 i ont chant Substract Net Income of $800,000 was reported and $387,344 cash dividends were also paid during the year. Required: Prepare the Shareholder Equity section as of 12/31/2017 to reflect the transactions above. 525.000 12.5.000 ID Preferred Stock 8%, S70 par, 10,000 shares authorized 7,500 shares issued and outstanding Common Stock , $22 par, 500,000 shares authorized 49,283 shares issued Paid- in capital in excess of par preferred stock Paid-in capital in excess of par common stock Retained Earnings Treasury Stock (750 shares) Total Shareholder Equity Total common stock shares issued Total common stock shares issued and outstanding Earnings Per Share (20290) G