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Problem 2 (10pts) The following table shows the stockholders' equity account for Verataco Company at December 31, 2016 Common stock, $5 par, 500,000 shares authorized; 350,000 shares issued and outstanding Paid-in capital in excess of Retained earnings 1,750,000 800,000 634,000 par value During 2017, the following transactions occurred January 5 Issued 10,000 shares of common stock for $13 cash per share January 18Repurchased 4,000 shares of common stock at $16 cash per share March 22 Sold 1,000 of the treasury shares acquired January 18 for $19 cash per share July 17 Sold 500 shares of treasury stock for $14 per share October 1 Issued 5,000 shares (out of 50,000 authorized) of 8%, $25 par value preferred stock for $36 cash per share Use the financial statement effects template to show the effects of each transaction. Prepare the December 31, 2017, stockholders' equity section of the balance sheet assuming the company reports net income of $76,900 for the year and pays no dividends. For each type of stock (common vs. preferred) you need to have separate entries for par value and additional paid-in capital