Required information [The following information applies to the questions displayed below.) Brice Co. completed the following transactions in Year 1, the first year of operation. 1. Issued 30,000 shares of no par common stock for $20 per share. 2. Issued 8,300 shares of $30 par , 7 percent, preferred stock for $30 per share. 3. Pald a cash dividend of $17.430 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $25 per share. 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $70 per share. 6. Produced $185,000 of cash revenues and incurred $75,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. b. Prepare the stockholders' equity section of the balance sheet at the end of Year 1, BRICE COMPANY Balance Sheet (partin) December 31, Year 1 Assessment Tool Frame Stockholders' equity Common stock Preferred stock Total paid in capital $ (Retained earnings Total stockholders equity $ 0 7 Drou 11 f 11 BB 11 Nayt sired cord each of these events in a horizontal statements model like the following one. (Enter amounts to be deducted and cash ows with a minus sign. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA). sting activity (IA), or financing activity (FA). Not all cells require input.) BRICE CO Statements Model For Year 1 Balance Sheet Income Statement Expenses - Revenue Net Incote Statement of Cash Flows Lisbites + Assets Event No Stockholders' Equity Preferred Common Stock Stock 800,000 240.000 . Retained Earnings FA RES 600.000 249.000 (1743051 FA 600,000 249,000 (17430) . FA (17.430) + 1 2 3 4 5 - Revenues 1b. Expenses Totals + . 0 831,5701 0 - 831,570 249.000 + 500.000 (17,430)