After looking into debt financing through notes, mortgage, and bonds payable, Better Boat Company decides to raise additional capital for a planned business expansion. The company will be able to acquire cash as well as land adjacent to its current business location. Before the following transactions, the balance in Common Stock on January $1,2027$ was $$320,000$ and included $160,000$ shares of common stock issued and outstanding. $($There was no Paid$-$In Capital in Excess of Par$-$Common.$)$ Better Boat Company had the following transactions in $2027$:

$($Click the icon to view the transactions.$)$

Journalize the transactions.

Calculate the balance in Retained Earnings on December $31,2027.$ Assume the balance on January $1,2027$ was $$6,500$ and net income for the year was $$406,000.$

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.