transactions in 2027 : (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More info \begin{tabular}{ll} \hline Jan. 1 & Issued 50,000 shares of $1 par value common stock for a total of $200,000. \\ Jan. 10 & Issued20,000sharesof4%,$3parvaluepreferredstockinexchangeforlandwithamarketvalueof$70,000. \\ Dec. 15 & Declared total cash dividends of $15,000. \\ Dec. 20 & Declared an 8% common stock dividend when the market value of the stock was $4.50 per share. \\ Dec. 31 & Paid the cash dividends. \\ Dec. 31 & Distributed the stock dividend. \\ \hline \end{tabular} 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1,2027 was $4,250 and net income for the year was $417,000. 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2027. There was no preferred stock issued prior to the 2027 transactions