The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 3,000 shares authorized) $180,000 Common Stock ($4 stated value, 180,000 shares authorized) 600,000 Paid-in Capital in Excess of Par Value-Preferred Stock 9,000 Paid-in Capital in Excess of Stated Value-Common Stock 288,000 Retained Earnings 412,800 Treasury Stock (3,000 common shares) 24,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 3,000 shares of common stock for $18,000. Mar. 20 Purchased 600 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, Dec. 31 Determined that net income for the year was $170,000. Paid the dividend declared on December 1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 4. Cash 18000 Common Stock 12000 Paid-in Capital in Excess of Stated Value-Common Stock 6000 Mar. 20 Treasury Stock 4200 Cash 4200 4200 Oct 1 : Cash Dividends 12600 Dividends Payable 12600 Nov. 1 Dividends Payable 12600 Cash 12600 Dec. 1 4 Cash Dividends 74700 Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock 1/1 Bal. A 180000 C D 1 2/31 bal. = 180000 Common Stock 1/1 Bal. 4 600000 2/1 12000 12/31 Bal. 4 612000 Paid-in Capital in Excess of Par ValuePreferred Stock 1/1 Bal. 2 1/1 Bal. 9000 12/31 Bal. 9000 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 B. 288000 2/1 6000 12/31 Bal. 4 294000 Retained Earnings 87300 1/1 Bal. 4 412800 12/31 | 170000 12/31 Bal. 495500 Cash Dividends 10/1 12600 12/31 - 87300 12/ 19 74700 12/31 Bal. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. SARASOTA CORP. Partial Balance Sheet December 31, 2022 ckholders' Equity d-in Capital pital Stock vital Stock - ommon Stock 612000 'referred Stock 180000 al Capital Stock 792000 ditional Paid-in Capital 'aid-in Capital in Excess of Par Value-Preferred Stock 9000 'aid-in Capital in Excess of Stated Value-Common Stock 294000 al Additional Paid-in Capital 303000 al Paid-in Capital 1095000 Retained Earnings 495500 al Paid-in Capital and Retained Earnings | 1590500 54: Treasury Stock 28200 al Stockholders' Equity 1562300 The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 3,000 shares authorized) $180,000 Common Stock ($4 stated value, 180,000 shares authorized) 600,000 Paid-in Capital in Excess of Par Value-Preferred Stock 9,000 Paid-in Capital in Excess of Stated Value-Common Stock 288,000 Retained Earnings 412,800 Treasury Stock (3,000 common shares) 24,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 3,000 shares of common stock for $18,000. Mar. 20 Purchased 600 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, Dec. 31 Determined that net income for the year was $170,000. Paid the dividend declared on December 1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 4. Cash 18000 Common Stock 12000 Paid-in Capital in Excess of Stated Value-Common Stock 6000 Mar. 20 Treasury Stock 4200 Cash 4200 4200 Oct 1 : Cash Dividends 12600 Dividends Payable 12600 Nov. 1 Dividends Payable 12600 Cash 12600 Dec. 1 4 Cash Dividends 74700 Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock 1/1 Bal. A 180000 C D 1 2/31 bal. = 180000 Common Stock 1/1 Bal. 4 600000 2/1 12000 12/31 Bal. 4 612000 Paid-in Capital in Excess of Par ValuePreferred Stock 1/1 Bal. 2 1/1 Bal. 9000 12/31 Bal. 9000 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 B. 288000 2/1 6000 12/31 Bal. 4 294000 Retained Earnings 87300 1/1 Bal. 4 412800 12/31 | 170000 12/31 Bal. 495500 Cash Dividends 10/1 12600 12/31 - 87300 12/ 19 74700 12/31 Bal. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. SARASOTA CORP. Partial Balance Sheet December 31, 2022 ckholders' Equity d-in Capital pital Stock vital Stock - ommon Stock 612000 'referred Stock 180000 al Capital Stock 792000 ditional Paid-in Capital 'aid-in Capital in Excess of Par Value-Preferred Stock 9000 'aid-in Capital in Excess of Stated Value-Common Stock 294000 al Additional Paid-in Capital 303000 al Paid-in Capital 1095000 Retained Earnings 495500 al Paid-in Capital and Retained Earnings | 1590500 54: Treasury Stock 28200 al Stockholders' Equity 1562300