statement of Shareholders' Equily On January 1, Year 7, Powder Company provided the following shareholders' equity section of its balance sheet: During the year, the following transactions and events occurred and were properly recorded: 1. Powder issued 2,000 shares of common stock at $12 per share. 2. Dowder issued 330 shares of preferred stock at $140 per share. 3. Powder earned net income of $38,950. 4. Powder paid a $6 per share dividend on the preferted stock and a $1 per share dividend on the common stock outstanding at the end of Year 7. Required: During the yez, the following transactions and events octurred and were property recerded: 1. Powder iswued 2,000 shares of common stock at $12 per share. 2. Powder issued 330 shares of preferred stock at $540 per share. 3. Powser earned net income of $38,950. 4. Powder paid a $6 ber share ovidend on the preforred stock and a $1 per share avidend en the common stock outstanding at the end of Year 7