Question 2 As of December 31, 2016: Stockholders' Equity Paid-in Capital Share Capital - OS $4 par, 200000 authorized, 100000 issued and outstanding Share Capital - PS $18 par, 5%,50000 authorized, 20000 issued and outstanding Share Premium from Ordinary Shares from Preference Shares from Treasury Shares Total Paid-in Capital Retained Earnings Total Stockholders' Equity $400,000360,000135,000150,0005,000550,000200,000$1,250,000 During 2017: Jan 18 Declared $20,000 cash dividends to be paid later in the year. Jan 31 Issued 7,500 ordinary shares at par for cash. Feb 13 Issued 10.000 preference shares for cash at par. Mar I Reacquired 9,000 of its own ordinary shares at $10 per share. Mar 19 Issued 10,000 ordinary shares in exchange for $50,000 building. Apr 18 Paid for the cash dividends declared earlier in the year. Apr 25 Reissued 2,000 its own ordinary shares at \$12 per share. May 30 Issued 2,000 ordinary shares at $12 per share for cash. July 12 Issued 5,000 preference shares for cash at $20 per share. Aug 4 Reissued 2,000 its own ordinary shares at $7 per share. Oct 11 Issued 5,000 preference shares in exchange for $100,000 land. Nov 16 Reissued 2,000 its own ordinary shares at \$6 per share. Nov 29 Issued 2,000 ordinary shares at \$6 per share for cash. Dec 31 Net Income of the year, \$250000. During 2018: Mar 29 Declared \$45,000 cash dividends. Required: 1. Journalize the transactions that took place during 2017. 2. Prepare the stockholders' equity section of Dec 31, 2017 balance sheet. 3. Journalize Mar 29, 2018 transaction