After looking into debt financing through notes, mortgage, and bonds payable, Water Way 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 $220,000 and included 110,000 shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess of Par-Common.) Water Way Company had the following transactions in 2027: Requirement 1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Issued 30,000 shares of $2 par value common stock for a total of $300,000. After looking into debt financing through notes, mortgage, and bonds payable, Water Way 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 $220,000 and included 110,000 shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess of Par-Common.) Water Way Company had the following transactions in 2027: (Click the icon to view the transactions.) Read the requirements. More info Requirements 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1, 2027 was $5,000 and net income for the year was $463,000. 3. 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. Dec. 15: Declared total cash dividends of $12,000. Dec. 20: Declared a 3\% common stock dividend when the market value of the stock was $12.00 per share. Requirement 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1,2027 was $5,000 and net income for the year was $463,000. Complete the table below to calculate the balance in Retained Earnings on December 31, 2027. > After looking into debt financing through notes, mortgage, and bonds payable, Water Way Company decides to raise additional capital for a planned business expansion. The company will be able to Water Way Company Balance Sheet (Partial) December 31, 2027 Paid-In Capital: Preferred Stock-3\%, \$12 Par Value; 10,000 shares issued and outstanding $120,000 Paid-In Capital in Excess of Par-Preferred Common Stock-\$2 Par Value; 140000 shares issued and outstanding Paid-In Capital in Excess of Par-Common \begin{tabular}{|r|} \hline 4200 \\ \hline 288000 \\ \hline \end{tabular} Total Paid-In Capital Retained Earnings Total Stockholders' Equity