Stockholders' Equity: Transactions and Balance Sheet Presentation The following is the stockholders' equity of Laker Corporation at January 1 : \begin{tabular}{|l|r|} \hline 8 Percent preferred stock, $40 par value, 10,000 shares authorized; & \\ \hline 7,000 shares issued and outstanding & $280,000 \\ \hline Common stock, $20 par value, 50,000 shares authorized; & \\ \hline 25,000 shares issued and outstanding & 500,000 \\ \hline Paid-in capital in excess of par value-Preferred stock & 70,000 \\ \hline Paid-in capital in excess of par value-Common stock & 385,000 \\ \hline Retained earnings & 238,000 \\ \hline Total Stockholders' Equity & $1,473,000 \\ \hline \end{tabular} The following transactions, among others, occurred during the year: \begin{tabular}{|l|l|l|} \hline Jan. & 15 & Issued 2,000 shares of preferred stock for $65 cash per share. \\ \hline & 20 & Issued 4,000 shares of common stock at $40 cash per share. \\ \hline & 31 & Converted $20,000 face value of convertible bonds payable (the book value of the bonds is $18,500 ) to common stock. Each $1,000 bond converted to 25 shares of common stock. \\ \hline May & 18 & Announced a 2-for- 1 common stock split, reducing the par value of the common stock to $10 per share. The authorization was increased to 100,000 shares. \\ \hline June & 1 & Acquired equipment with a fair market value of $50,000 in exchange for 2,000 shares of common stock. \\ \hline Sept. & 1 & Purchased 3,500 shares of common stock as treasury stock at $19 cash per share. \\ \hline Oct. & 12 & Sold 900 treasury shares at $21 per share. \\ \hline Dec. & 22 & Issued 600 shares of preferred stock for $59 cash per share. \\ \hline & 28 & Sold 1,100 of the remaining treasury shares at $18 per share. \\ \hline & 31 & Closed net income of $150,000 to the Retained Earnings account. \\ \hline \end{tabular} Required - Prepare journal entries for the given transactions and post them to the T-accounts. Do not prepare the journal entry for the Dec. 31 transaction, but post the appropriate amount to the Retained Earnings T-account. Determine the ending balances for the stockholders' equity accounts. - Prepare the stockholders' equity section of the balance sheet at December 31 . Do not use negative signs with your answers