Required 1. Record the transactions in the general journal. 2. Prepare the liability and the shareholders' equity sections of the balance sheet as of the close of business on December 31, 2022. 3. Calculate the book value per share of the preferred shares and of the common shares (Class A and Class B combined) on December 31, 2022. 4. What was the average price at which the Class A common shares were issued? Shareholders' equity Shareholders' Equity Contributed capital: Preferred shares, $1.50, cumulative (2 years in arrears), liquidation price of $21, 225,000 shares authorized, 40,000 shares issued and outstanding $ 340,000 Common shares: Class A, 40,000 shares authorized and issued and outstanding 133,000 1,800,000 Class B, unlimited number of shares authorized, 180,000 shares issued and outstanding Total contributed capital 2,273,000 340,000 Retained earnings $ 2,613,000 Total shareholders' equity Transactions 2021 Dec. 1 The company declared dividends of $220,000, payable on January 15, 2022, to the shareholders of record on December 31. Indicate the amount that would be payable to the preferred shareholders and to the common shareholders. The dividend rate for Class A and Class B shares is the same. 2022 31 The company reported net income after taxes of $75,000 for the year and then closed the Income Summary account. Jan. 7 The company sold 17,000 preferred shares at $26.00 per share. 15 The company paid the dividend declared on December 1, 2021. Feb. 14 The company sold 24,000 Class B common shares at $15.50 per share. Dec. 2 The company declared dividends of $180,000, payable on January 15, 2023, to the shareholders of record on December 31, 2022. Indicate the amount that would be payable to the preferred shareholders and to the common shareholders. 2023 31 The company reported net income after taxes of $145,000 and then closed the Income Summary account. Jan. 15 Paid the dividend declared on December 2, 2022. Requirement 2. Prepare the liability and the shareholders' equity sections of the balance sheet as of the close of business on December 31, 2022. Crab Corp. Partial Balance Sheet December 31, 2022 Liabilities Current liabilities: Total liabilities Shareholders' Equity Contributed capital: Common shares: Total contributed capital Total shareholders' equity Total liabilities and shareholders' equity