Transactions of Flounder Corporation are as follows. 1. The company is granted a charter that authorizes the issuance of 150,000 preferred shares and an unlimited number of common shares. 2. The founders of the corporation are issued 11,000 common shares for land valued by the board of directors at $220,000 (based on an independent valuation). 3. Sold 15,500 preferred shares for cash at $110 per share. 4. Repurchased and cancelled 3,200 shares of outstanding preferred shares for cash at $95 per share. Paid $80,000 in dividends that were declared in the previous period. 5. 6. Repurchased for cash and cancelled 600 shares of the outstanding common shares issued in item 2 above at $49 per share. 7. Issued 2,400 preferred shares at $99 per share. Prepare entries in journal form to record the transactions listed above. No other transactions affecting the capital share accounts have occurred. (Credit account titles are automatically indented when the 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.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7. Assuming that the company has retained earnings from operations of $932,000, prepare the shareholders' equity section of its SFP after considering all the transactions above. Flounder Corporation Statement of Financial Position (Partial) $ $