Winnie Corporation has the following capital structure at the beginning of 2023:5% Preferred stock, $50 par value, 50, 000shares authorized; 10,000 shares issuedand outstanding $500, 000Common stock, $5 par value, 100, 000shares authorized; 50,000 shares issuedand outstanding 250, 000Paid - in capital in excess of par 340, 000Total paid - in capital 1,090,000Retained earnings 460, 000Total stockholders' equity $1, 550, 000 Required:a. Prepare journal entries for the following transactions which occurred consecutively throughout 2023. i. A total cash dividend of $75, 000 was declared to stockholders of record.ii. Bought 3, 000 shares of treasury stock at $23 per share.iii. Resold 1, 200 treasury shares at $ 24 per share.iv. Resold 1,000 shares of treasury stock at $10 per share. B. Prepare the stockholders' equity section of the balance sheet at December 31, 2023. Assume that net income for the year was $143,000. Prepare it in excel format, showing formulas.
Winnie Corporation has the following capital structure at the beginning of 2023:5%
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