The following selected accounts appear on the Balance Sheet of Practice Corporation as of December $31,2022.$

Journalize the following equity transactions that occurred during $2023$:

$01/01/23$ Issued $250,000$ shares of common stock at $$50$ each.

$01/15/23$ Issued $25,000$ shares of preferred $5\%$ stock at $$200$ each.

$03/01/23$ Purchased $50,000$ shares of treasury common for $$50$ each.

$04/01/23$ Sold $25,000$ shares of treasury common for $$75$ each

$12/31/23$ Declared the annual cash dividend on the preferred stock.$*$

$12/31/23$ Declared $$.10$ per share cash dividend on the common stock.$*$

$*$HINT: you must first calculate the number of common and preferred shares outstanding.

The accounts of Rehearsal Corporation are listed along with their adjusted balances before closing for the month

ended June $30,2023.$

Requirements:

Prepare a multi$-$step income statement

Prepared the statement of retained earnings

Prepared a classified balance sheet