Score: 0 of 10 pts CP13-54 (similar to) 1 of 1 (complete) HW Score: 0%, 0 of 10 pts Question Help Aher looking into debt finanong through notes, mortgage, and bonds payable Tree Top Company decides to raise additional capital for a planned business expansion. The company will be able to acquire cash as well as landet cument business location. Before the following transactions, the balance in Common Stock on January 1, 2021 was $500,000 and included 100,000 shares of common stock issued and outstanding. (There was no Paid-in Capital in Excess of Pa-Common) Tree Top Company had the following transactions in 2021 (Cck the icon to view the actions) Read the unments Requirement 1. Joumatize the transactions (Record debts first, then credits Select the explanation on the last ine of Jan 1 issued 40.000 shares of $5 par value common stock for a total of $480,000 More Info Date JW.1 Accounts and Explanation Debit Credit Jan. 1 Issund 40,000 shares of 35 par value common stock for a total of $400,000 Cash Cash Dividends Common Dock-55 Par Value Common Stock Dividend Distributable Dividende Paytre-Common Dividends Payable-Prefere Land Paid-in Capital in Excess of Par-Common Pass-in Capels Excess of Pa-Peterred Preferred Stock-$10 Jan 10 Dec. 15 Dec. 20 Dec. 31 Dec. 31 Issued 30,000 shares of 6% $10 par value prefered stock in exchange for land with a market value of $300,000 Declared a cash dividends of $25,000. Declared a 2% common stock dividend when the market value of the stock was $14.00 per share Pail the cash dividends Distributed the stock dividend Requirements Choose from any ist or enter any number in the input fields and then click Check Answer 7ning 1. Jumalize the transactions 2. Calculate the bance in Netained Earrings on December 31, 2001 the balance on January 1, 2021 was $7.000 and net income for the year was $481.000 3. Prepare the stockholders equity section of the balance sheet as of December 31, 2001. There was no preferred stock issued prior to the 2021 transactions Done 0 221 D D S esc TH " Check Answer