Time remaining: 0:52:08 5 Court Casuals has the following beginning balances in its stockholders' equity accounts on January 1, 2018: Common Stock, $120,000; Additional Paid-in Capital, $3,900,000; and Retained Earnings, $2,000,000 Net income for the year ended December 31, 2018, is $700,000. Court Casuals has the following transactions affecting stockholders' equity in 2018: May 18 Issues 21,000 additional shares of S1 par value common stock for S30 per share. May 31 Repurchases 4,500 shares of treasury stock for $45 per share July 1 Declares a cash dividend of $2 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. July 31 Pays the cash dividend declared on July1 August 10 Reissues 1,750 shares of treasury stock purchased on May 31 for $52 per share Taking into consideration all the entries described above, prepare the statement of stockholders' equity for the year ended December 31, 2018, using the format provided. (Amounts to be deducted should be indicated with a minus sign. Increases in treasury stock should be entered with a minus sign since it is a contra account.) COURT CASUALS Statement of Stockholders Equity For the Year Ended December 31, 2018 Total Common Additional Retained Earnings Treasury Stockholders Paid-in Capital Stock Stock Balance, January 1 Issued common stock Repurchase of treasury stock Cash dividends Sale of treasury Net income Balance, December 31 120,000 3,900,000 2,000,000 6,020,000 stock