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: M I Cemvened b. IX.000 lane value af convaitible boudi payable (the book value of the bonds wan S46,000) to an. I commen stack Iabls Si, 000 band converted to I IS shares of eommon atock. Ii: 86 it I Aequared 10,000 dases of comusen atock fos cash at \$ 16 per whare. OE 1 1. 8. Sold 1 , 00 lieasuty shares at 5.1h pat sharc Nu i De y e. 18 Dola 1 . 00 ueasury blaces at silit per shace. (1) 1 Closed net income of 585.000 to the Retaned Raumegs account - 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 . Stockholder's equity section Stockholder's equity section Do not use negative signs with answers