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Homework: Chapter 13 Comprehensive Problems Question 1, CPF13-53 (similar to) Part 8 of 8 HW Score: 64.47%, 17.41 of 27 points Points: 19.41 of 27 Save After looking into debt financing through notes, mortgage, and bonds payable, Golden Lake 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 $950,000 and included 190,000 shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess of ParCommon.) Golden Lake Company had the following transactions in 2027: (Click the icon to view the transactions.) Read the requirements More info Cash dividends declared (30,000) Retained Earnings, Dec. 31, 2027 350,550 Jan. 1 Requirement 3. Prepare the stockholders' equity section of the balance shee Jan. 10 Issued 20,000 shares of $5 par value common stock for a total of $240,000. Issued 10,000 shares of 5%, $7 par value preferred stock in exchange for land with a market value of $100,000 Declared total cash dividends of $30,000. Declared a 3% common stock dividend when the market value of the stock was $14.00 per share. Review the journal entries from Requirement 1. Dec. 15 Dec. 20 Dec. 31 Paid the cash dividends. Dec. 31 Distributed the stock dividend Golden Lake Company Balance Sheet (Partial) December 31, 2027 Paid-In Capital: Preferred Stock-5%, $7 Par Value, 10000 shares at cost Requirements Print Done Common Stock-$5 Par Value, 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1, 2027 was $5,750 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. Total Paid-In Capital Total Stockholders' Equity Print Done Clear all Check answer HH Type here to search O i * O lo C 50F Cloudy ^ o la 11:52 PM 5/2/2022 15