Prepare a classified Balance Sheet

Top Tech, Inc. Stockholders’ Equity Section at the end of last year was as follows:
Paid In capital:
Preferred Stock, 200,000 Shs. Authorized, 20,000 Outstanding, $15 Par,% dividend rate 300,000
Common Stock, 60,000 Shs. Issued and Outstanding, No Par 2,200,000
Total Paid in Capital 2,500,000
Retained Earnings 554,300
Total Stockholders’ Equity 3,054,300
Req. #1, give general journal entries for the following transactions that took place this year:
1 Bought back 1,000 shs of the common stock that were outstanding. Paid $22/Sh.
2 Sold 800 of the shares bought back in prior transaction. Received $16/Sh.
3 Sold 4,000 shares of Pfd. Stock for $20/Sh.
4 Give 3rd closing enrty with the corp. losing 31,000 for the year.
Req. #2 prepare Top Tech, Inc. Stockholders’ Equity Section at the end of this year.
Req. #3 calculate common stock book value per share at the end of last year and at the end of this year.

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