PROBLEM 11.40 Stockholders Equity: A Short Comprehensive Problem Early in the year Dee Deal and several friends organized a corporation called Markup, Inc. The corporation was authorized to 100,000 shares of $100 par value, 5 percent cumulative pre femed stock and 100,000 shares of Si par value common stock. The following transactions among the occurred during the year: Jan. 1 bed for cash 30,000 shares of common stock at $10 per share. The shares were Issued to Deal and further investors Jan. 12 sed an additional 1000 shares of common stock to Deal in exchange for her vices in organizing the corporation. The stockholders agreed that these services were worth $12.00 Jan. 18 od 4.600 shares of prefemed stock few cash of S400.000 July 5 Acquired and as a building site in exchange for 10.000 shares of common stock. In view of the appraised value of the land and the progress of the company, the director agreed that the common stock was to be value for purposes of this transaction 512 per share Nox. 25 The first annual dividend of SS per share was declared on the preferred stock to be paid December 11 Dec 11 Paid the cash dividend declared on November 25. Dec. 31 After the revenue and expenses were closed into the Income Summary account, that amount indicated a notcome of 810.000, Problem Set 515 Instructions Prepare journal entries in general journal form to record the above transactions Include entries at December 31 to close the income Summary account and the Dividend account Prepare the stockholders' equity section of the Markup, Inc., balance sheet at December 31