Question. Answer Here TT Walter Publications w ere early in 2006 with authorization to 21,000 shares of $100 par value deferred stock and 1 million shares of Si pe value on stock. All of the preferred stock was issued at pur, and 300,00 shares of common stock were sold for S per share. The preferred pays a 10 procurative dividend During the first five years of operation 2005 through 2010) the corporation camed a total of $4,461,00d paid dividends of Si per share each year on the common stock. In 2011. however the corporation reported and loss of S1.750.000 and paid no dividends. Partial Balance Sheet Instruction a. Prepare the stockholders' equity sction of the balance sheet at December 31, 2011. Include a supporting schedule showing your computation of retained camnings at the balance sheet date. Hint: Incore increases retained earnings, whereas dividends and net losses decrease retained b. Draftange to accompany the financial statements disclosing any dividends in amcars at the end of 2011 Waller Publications was organized early in 2006 with authorization to issue 20,000 shares of $100 par value preferred stock and 1 million shares of S1 par value common stock. All of the preferred stock was issued at par, and 300,000 shares of common stock were sold for $20 per share. The preferred stock pays a 10 percent cumulative dividend. During the first five years of operations (2006 through 2010) the corporation carned a total of $4,460,000 hand paid dividends of S1 per share each year on the common stock. In 2011, however, the corporation reported a net loss of $1,750,000 and paid no dividends. Instructions Instructions a. Prepare the stockholders' equity section of the balance sheet at December 31, 2011. Include a supporting schedule showing your computation of retained earnings at the balance sheet date. (Hint: Incothe increases retained earnings, whereas dividends and net losses decrease retained earnings.) b. Draft a npte to accompany the financial statements disclosing any dividends in arrears at the end of 2011