This question has been broken into two parts, this is the continuing part of the question and its an accounting question

Exchanged ______ shares of class A common stock for Office Furniture and Equipment with an appraised value of $______ and Motor Truck with an appraised value of $_____. (Please refer to the table below and use only the info in line with your first name initial (N) in the blank/underlined space).

Firstname initial	# of shares issued	Office furniture	Motor truck
A,P,I,E,V	40% of authorised shares	$4,000,000.00	$10,000,000.00
C,O,R,Y	50% of authorised shares	$4,000,000.00	$10,000,000.00
K,Q,M,F	40% of authorised shares	$4,000,000.00	$10,000,000.00
S,W,G,Z	40% of authorised shares	$4,000,000.00	$10,000,000.00
D,T,L,U	40% of authorised shares	$4,000,000.00	$10,000,000.00
N,B,J,X,H	20% of authorised shares	$4,000,000.00	$10,000,000.00

Earned Net income $______. (Please refer to table below and use only the info in line with your first name initial (N) in the blank/underlined space)

Firstname initial	Net income
A,P,I,E,V	$1,500,000.00
C,O,R,Y	$1,800,000.00
K,Q,M,F	$2,000,000.00
S,W,G,Z	$1,400,000.00
D,T,L,U	1,450,000.00
N,B,J,X,H	1,500,000.00

Declared interim dividends for preferred shareholders as well as $.80 per share to common stockholders.

Using the info above and as a guide:

1. Prepare the journal entries with narrations to record the following:

• The issuances of stock.
• Closeout net income to retained earnings.
• Dividend declared.
• Closeout dividend to retained earnings.

2. Prepare the company’s Stockholders equity section of the balance sheet on December 31, 2021. The following information must be clearly stated/shown:
   • information on par or par values for all classes of shares which must be shown separately.
   • the number of shares authorized and issued where necessary.
   • the sub total for the total paid-in capital.