The following is the stockholders’ equity of Petri Corporation on October 1, 202X:

1. Journalize the transactions in general journal form.
2. Prepare the stockholders’ equity section of the balance sheet using the legal capital approach as of December 31, 202X.
The working papers that accompany this text have accounts to update ledger balances. Be sure to put in the beginning balances.

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Paid-In Capital: Preferred Stock, $13 par value, authorized 5,700 shares, 3,500 shares issued and outstanding Common Stock, $6 par value, authorized 19,000 shares, 7,000 shares issued and outstanding Additional Paid-In Capital: Paid-In Capital in Excess of Par Value-Preferred Paid-In Capital in Excess of Par Value-Common Paid-In Capital in Excess of Par Value-Stock Dividend Total Additional Paid-In Capital Total Paid-In Capital Retained Earnings Total Stockholders' Equity $11,000 7,500 2,000 $ 45,500 42,000 20,500 $108,000 240,000 $348,000