Step Instructions 1 Download and open the excel spreadsheet, Miller-Nobles_6e-12e- Using Excel_Ch13_Start.xlsx. This spreadsheet includes 3 tabs; you will enter all answers the second and the third tabs, ENTERANSWERS1 and ENTERANSWERS2. 2 (All answers should be entered in the blue highlighted cells.) Naxion Corporation began operations on January 2, 2018. All transactions during the year ar provided in the Excel spreadsheet. Journalize Naxion's transactions for 2018. (54 pts) (Always use cell references and formulas where appropriate to receive full credit.) 3 Prepare the stockholders' equity section of the balance sheet as of December 31, 2018, including the heading. Assume Naxion had net income of $15,000,000 during 2018. (18 pts) (Always use cell references and formulas where appropriate to receive full credit) 4 Determine Naxion's earnings per share for 2018, rounded to two decimal places. For the average number of common shares outstanding, average the number of shares outstanding on January 2 and December 31. (2 pts) (Always use cell references and formulas where appropriate to receive full credit) 5 Assuming Naxion's market value per common share as of December 31, 2018 was $55, calculate Naxion's pricelearnings ratio for 2018, rounded to two decimal places. (2 pts) (Always use cell references and formulas where appropriate to receive full credit.) Stockholders' Equity Corporations Using Excel for stockholders' equity transactions and preparing financial statements Naxion Corporation began operations on January 2, 2018, and had the following transactions during the year; 1 Jan. 2 issued 250,000 shares of $1 par value common stock at SAS per share. Total shares authorized: 1,000,000 Feb. 5 issued 10,000 shares of $50 par, 5% cumulative preferred stock at $65 per share. Total shares authorized: 25,000 Mar 15 issued 150,000 shares of $1 par value common stock at $35 per share. Apr.2 Declared a $2.50 per share cash dividend on its preferred stock to be paid on April 25. Date of record is April 10, Apr.3 Declared a $0.10 per share cash dividend on its common stock to be paid on April 26. Date of record is April 10. Apr.25 Payment of cash dividend on preferred stock. Apr. 26 Payment of cash dividend on common stock Jun, 1 Declared a 2% stock dividend on all common stock outstanding. Current market price of the stock was $48 per share. Date of record is june 15. 4 Jun 30 Distributed common stock dividend to shareholders. 5 Oct. 10 Purchased 2,500 shares of treasury stock common at $52 per share. Nov. 15 sold 2,000 shares of treasury stock-common at $54 per share. 7 Use the blue shaded areas on the ENTER-ANSWERS tab for inputs. ALWAYS use cell references and formulas where appropriate to receive full credit. Copy/pasting values will NOT earn full points. 3 5 3 1 Requirements: 2 1 Journalize Naxion's transactions for 2018. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018, including the heading. Assume Naxion had net income of $15,000,000 2 during 2018 Determine Nation's earnings per share for 2018, rounded to two decimal places. For the average number of common shares outstanding average the 4 3 number of shares outstanding on January 2 and December 31. D Assuming Naxion's market value per common share as of December 31, 2018 was $55, calculate Naxion's price/earnings ratio for 2018, rounded to two A decimal places. Excel Skills: 1 Data validation for journal entry accounts. 2 Indent journal entry credit accounts using the increase Indent button. 3 ROUND function. ate B Account and Explanation Debit Jan. 2 Issued common stock at a premium. Feb. 5 Issued preferred stock at a premium Mar. 15 Issued common stock at a premium. Apr. 2 Declared a cash dividend on preferred stock. Apr. 3 Declared a cash dividend on common stock 1 Apr. 25 Payment of cash dividend on preferred stock Apr. 26 1 12 3 34 35 36 37 Payment of cash dividend on common stock Jun. 1 Declared a 2% stock dividend on common stock 39 40 41 47 Jun 30 issued 2% common stock dividend 44 45 46 Okt 10 43 Lurchased treasury stock.common. 50 Nov. 15 53 Sold 2,000 shares of treasury stock.common at Siper share. CONN 2. Prepare the stockholder's equity section of the balance sheet as of December 31, 2018. Assume Naxion had net income of $15,000,000 during 2018. 3 (Always use cell references and formulas where appropriate to receive full credit.) 7 Stockholders' Equity 8 9 Paid-in Capital: 10 Preferred Stock 11 12 13 Common Stock 14 15 16 17 Total Paid-In Capital 18 Retained Earnings 19 Treasury Stock-Common 20 21 Total Stockholders' Equity 22 23 24 Requirement 3 Determine Naxion's earnings per share for 2018, rounded to two decimal places. For the average number of 25 common shares outstanding, average the number of shares outstanding on January 2 and December 31. 26 Always use cell references and formulas where appropriate to receive full credit.) Answer Requirement 4 Assuming Naxion's market value per common share as of December 31, 2018 was $55, calculate Naxion's price/earnings ratio for 2018, rounded to two decimal places. (Always use cell references and formulas where appropriate to receive full credit.) 5. Formula Answer HINTS Hint: 32 | Use an equal sign (=) and appropriate cell references to ENTERANSWERS1 worksheet. 26 Use an equal sign (=), appropriate cell references and numeric values from ENTERANSWERS1 and ENTERANSWERS2 worksheets. Use the function =SUM() to calculate the total paid-in capital. Elise the numeric value of net income in calculation of retained earnings. Note that Naxion had net income of $15,000,000 during 2018. Treasury Stock should be entered as a negative value. Use a minus sign in front of the formula for Treasury Stock value. Use the function=ROUNDC), appropriate cell references and numeric values from ENTERANSWERS1 and ENTERANSWERSZ worksheets. e use the function=ROUNDO), appropriate cell references and numeric values from ENTERANSWERS2 worksheet