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During its second year of operations, Panzarella Corporation entered into several transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 7,000,000 common shares, $2.50 par per share, and 900,000 preferred shares, $30.00 par per share. Its balance sheet at December 31 of the prior year follows- Panzarelia Company Shareholders' Equity Sedon ecembgr 1 2 2 Paid-in Capital: Common stock Paid-in capital - excess of par, common Total paid-in capital Retained earnings Total shareholders' equity Prepare the appropriate journal entries to record each of the following transactions: Sold 1,750,000 common shares for $15.00 per share. February I April I Reacquired 35,000 common shares to be held in treasury at $17.00 per share. v!'old 7,000 of its treasury shares for $18.70 per share. September 1. Bold 10>00 of its treasury shares for $13.60 per share. Articles of Common shares authorized Incorporation Par value per common share $2.50 googo Preferred shares authorized Par value per preferred share February I Sommon shares sold on February 1 April 1 May 1 September I Market price per common share on February 1 Common shares reaquired to be held in treasury on April J Market price per common share on April 1 Treasury shares sold on May 1 $30.00 $15.00 35,000 $17.00 -7,mo $18.70 Market price per common share on May 1 10,500 Treasury shares sold on September 1 $13.60 Market price per common share on September 1 3 1) Sold 1,750,000 common shares for $15.00 per share. bit February 1 General Journal Cash Common stock - Paid-in capital - excess of par, common 2) Reacquired 35,000 common shares to be held in treasury at $17.00 per share. credit dit Date April 1 General Journal Treasury stock -cash 3) Sold 7,000 of its treasury shares for $18.70 per share. 36 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 May 1 General Cash Treasury stock r Paid-in capital - excess of pare common Debit Debit bit 4) Sold 10,500 of its treasury shares for $13.60 per share- ate September Cash Paid-in capital - excess of pars common Retained earnings Treasury stock 5) Prepare the shareholders' equity section of the balance sheet for the Panzarella Company at December 31, 2024. was $0 and dividends totaled $0. Net income for the year ended December 31, 2024 i Dividends paid in 2024 Panzarefla Cornpany Shareholders' Equity Section December Paid-in Capital: Common stock Paid-in capital - excess of par, common Total paid-in capital Retained earnings Total shareholders' equity Net income for the year $0