Alice Won, owner of Better Boat Company, decides to start a new company that will be operated as a corporation, Tall Tree Incorporated (TTI). This company will sell outdoor clothing and equipment. Requirement 1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the Jan. 1: Issued 20,000 shares of $2 par value common stock for a total of $300,000 Date Accounts and Explanation Debit Credit Jan. 1 0 Requirements 1. Joumalize the transactions 2. Calculate the balance in Retained Earnings on December 31, 2021. Assume net income for the year was $454,000 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021 Print Done Choose from any list or enter any number uestion He Tall Tree Incorporated had the following select transactions in 2021: (Click the icon to view the transactions.) Read the requirements. of the journal entry table.) More Info Jan. 1 Issued 20,000 shares of $2 par value common stock for a total of $300,000 Issued 10,000 shares of 2%, $10 par value preferred stock in exchange for land with Jan. 10 a market value of $300,000 Dec. 15 Declared total cash dividends of $6,000. Declared a 10% common stock dividend when the market value of the stock was Dec. 20 $17.00 per share. Dec. 31 Paid the cash dividends. Dec. 31 Distributed the stock dividend. Print Done