Jubilee Jewelry Company reported the following summarized balance sheet at December 31, 2018:

During 2019, Jubilee Jewelry completed these transactions that affected stockholders’ equity:

Requirements

1. Journalize Jubilee Jewelry’s transactions. Explanations are not required.

2. Prepare the company’s stockholders’ equity section of the balance sheet at December 31, 2019. Net income for 2019 was $23,000.

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Assets Current assets. Property and equipment, net $ 32,200 89,000 Total assets.. $121,200 Liabilities and Equity $ 36,500 Liabilities . Stockholders' equity: $0.70 cumulative preferred stock, $5 par, 800 shares issued.. Common stock, $6 par, 6,700 shares issued... Paid-in capital in excess of par–common... Retained earnings... Total liabilities and equity. 4,000 40,200 18,500 22,000 $121,200 Feb 13 Jun Issued 5,400 shares of common stock for $9 per share. Declared the regular cash dividend on the preferred stock. 24 Paid the cash dividend. Declared and distributed a 20% stock dividend on the common stock. Market price of the common stock was $12 per share. Reacquired 600 shares of common stock as treasury stock, paying $14 per share. Sold 300 shares of the treasury stock for $18 per share. Declared a cash dividend of $0.25 per share on the outstanding common stock; dividends will be paid in January, 2020. Aug 9 Oct 26 Nov 20 Dec 31