Stockholders Equity: Transactions and Balance Sheet Presentation The stockholders' equity of Summit Corporation at January 1 follows: 7 Percent preferred stock, $100 par value, 20,000 shares authorized 5,000 shares issued and outstanding 500,000 Common stock, $15 par value, 100,000 shares authorized; 40,000 shares issued and outstanding Paid-in capital in excess of par value-Preferred stock Paid-in capital in excess of par value-Common stock Retained earnings 600,000 24,000 360,000 25,000 $1,809,000 Total Stockholders Equity The following transactions, among others, occurred during the year: Jan 12 Announced a 4-for-1 common stock split, reducing the par value of the common stock to $3.75 per share. The authorization was increased to 400,000 shares Mar.31 Converted $40,000 face value of convertible bonds payable (the book value of the bonds was $43,000) to common stock. Each $1,000 bond converted to 125 shares of common stock June 1 Acquired equipment with a fair market value of $70,000 in exchange for 500 shares of preferred stock Sept. 1 Acquired 10,000 shares of common stock for cash at $10 per share. Oct. 12 Sold 1,500 treasury shares at $12 per share Nov. 21 Issued 5,000 shares of common stock at $11 cash per share Dec. 28 Sold 1,200 tressury shares at $9 per share 1 Closed net income of $95,000 to the Retained Earnings account C. Prepare the stockholders' equity section of the balance sheet at December 31 Do not use negative signs with your answers. Stockholders' Equity Paid in Capital Common Stock $638,906X Total Stockholders' Equity Additional Paid-in-Capital Paid-in-Capital in Excess of Par value Preferred Stock Paid-in-Capital in Excess of Par value Common Stock Common Stock Total Paid-in-Capital Total Stockholders' Equity Paid-in-Capital from Treasury StockX