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HW Problem 11.1 - Sonic Company's shareholder's equity contained the following items on 12/31/XI. Common Stock - $1.50 par value, 300,000 shares authorized 70,000 issued and outstanding $105,000 Paid in Capital in Excess of Par - Common $600,000 Preferred Stock - 10% non-cumulative, S10 par value, 80,000 shares authorized, 15,000 issued and outstanding $150,000 Retained Earnings $700.000 Total Shareholder's Equity $1,555,000 During 20X2 Sonic had the following transactions 1/20 Issued 10,000 additional shares of preferred stock and received $350,000 2/20 Declared dividends of S2 per share common stock with 3/15 record date and 3/31 payment date. 3/31 Paid the common dividends declared on February 20h. 4/15 Purchased 15,000 of its own common shares for $250,000 6/30 Declared preferred dividends of 10% par value. Record date is 7/15 and payment date 7/31 7/20 Issued 15,000 additional shares of preferred stock and received $500,000 7/31 Paid the preferred dividends declared June 30 9/08 Purchased 8.000 of its own common shares for $144.000 12/31 Closed S3 million of earnings from the income summary into retained earnings Prepare journal entries for 20X2 b. Prepare a statement of retained earnings for the year ending 12/31/X2 Prepare the shareholder's equity section from Sonic Company's balance sheet 12/31/X2. 8. c