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Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders equity of Summit corporation at january 1 follows: The following transactions, among others, occurred during the year: Jan. 12 Anneunced a 3 for-1 common stock splic reducing the par value of the common stock to 55 per stiare. The atathorization was increased to 300,000 shares. Mar: 31 Comerred $40,000 face value of comertible bonds pryable (the bock value of the bendt was 446,000) to commoci stock: Each 31,000 bond converted to 125 shares of common stock lune 1 Acquied equipment with a fair nurket value of 389000 in exchange for 500 shares of preferted suck: Stpt I Acquired 10,000 shares of common stock for cosh at 314 per share. Oct. 12 5old 1,500 treasury thares at 519 per stuxe. Non. 21 lssued 5,000 shares of common stock at st 4 per share. Dec 28. Sold 1,250 teasuryshares ot 19 per shere: 31 Oosed net intome of s95.000 to the fleetined Earnings account. - Prepare journal entries for the given transactions and post them to the T-accounts. Do not prepare the jocirnal entry for the Dec. 31 transaction, but post the appropnate amount to the Retained Earnings Taccount. Determine the ending balances for the stockholders equity accounts. - Prepare the stockholders equity section of the balance sheet at December 31. Doinot use negarive signs with your answers. BusinessCourse Return to course Paid-in-Capital in Excess of Par Value-Preferred Stock Sept.01 Issued preferred stock in exchange for equipment. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Paid-in-Capital frem Treasury 5 fock } \\ \hline Oct. 12 & \\ Dec.28: & \\ \hline BaL: & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Paid-in-Capital in Excess of Par ValueCommon stock } \\ \hline Beg, bal & 360,000 \\ \hline Mar. 31 & \\ \hline Nov. 21 & \\ \hline Bal. & \\ \hline \end{tabular} \begin{tabular}{|l|l} \hline \multicolumn{2}{|c|}{ Pald-in-Capital from Treasury Stock } \\ \hline Oct.12 & \\ \hline Dec.28 & \\ \hline Bal. \\ \begin{tabular}{|l|l} \hline \multicolumn{2}{|c}{ Treasury Stock-Common } \\ \hline Sept.01 & \\ \hline Oct.12 & \\ \hline Dec.28 & \\ \hline Ball & \\ \hline \end{tabular} \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Retained Earnings } \\ \hline Beg bal & 325,000 \\ \hline Dec 31 & \\ \hline Bal. & \\ \hline \end{tabular} Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders equity of Summit corporation at january 1 follows: The following transactions, among others, occurred during the year: Jan. 12 Anneunced a 3 for-1 common stock splic reducing the par value of the common stock to 55 per stiare. The atathorization was increased to 300,000 shares. Mar: 31 Comerred $40,000 face value of comertible bonds pryable (the bock value of the bendt was 446,000) to commoci stock: Each 31,000 bond converted to 125 shares of common stock lune 1 Acquied equipment with a fair nurket value of 389000 in exchange for 500 shares of preferted suck: Stpt I Acquired 10,000 shares of common stock for cosh at 314 per share. Oct. 12 5old 1,500 treasury thares at 519 per stuxe. Non. 21 lssued 5,000 shares of common stock at st 4 per share. Dec 28. Sold 1,250 teasuryshares ot 19 per shere: 31 Oosed net intome of s95.000 to the fleetined Earnings account. - Prepare journal entries for the given transactions and post them to the T-accounts. Do not prepare the jocirnal entry for the Dec. 31 transaction, but post the appropnate amount to the Retained Earnings Taccount. Determine the ending balances for the stockholders equity accounts. - Prepare the stockholders equity section of the balance sheet at December 31. Doinot use negarive signs with your answers. BusinessCourse Return to course Paid-in-Capital in Excess of Par Value-Preferred Stock Sept.01 Issued preferred stock in exchange for equipment. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Paid-in-Capital frem Treasury 5 fock } \\ \hline Oct. 12 & \\ Dec.28: & \\ \hline BaL: & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Paid-in-Capital in Excess of Par ValueCommon stock } \\ \hline Beg, bal & 360,000 \\ \hline Mar. 31 & \\ \hline Nov. 21 & \\ \hline Bal. & \\ \hline \end{tabular} \begin{tabular}{|l|l} \hline \multicolumn{2}{|c|}{ Pald-in-Capital from Treasury Stock } \\ \hline Oct.12 & \\ \hline Dec.28 & \\ \hline Bal. \\ \begin{tabular}{|l|l} \hline \multicolumn{2}{|c}{ Treasury Stock-Common } \\ \hline Sept.01 & \\ \hline Oct.12 & \\ \hline Dec.28 & \\ \hline Ball & \\ \hline \end{tabular} \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Retained Earnings } \\ \hline Beg bal & 325,000 \\ \hline Dec 31 & \\ \hline Bal. & \\ \hline \end{tabular}