P8-19 Midwest Corp completed the following transactions in 2012 the first year of operation.1. Issued 20 000 shares of $10 par common stock at par.2. Issued 2 000 shares of $30 stated value preferred stock at $32 per share.3. Purchased 500 shares of common stock as treasury stock for $15 per share.4. Declared a five percent dividend on preferred stock.5. Sold 300 shares of treasury stock for $18 per share.6. Paid the cash dividend on preferred stock that was declared in event four.7. Earned cash service revenue of $75 000 and incurred cash operating expenses of $42 000.8. Appropriated $6 000 of retained earnings.Requireda. Organize the transaction in accounts under an accounting equation.b. Prepare the stockholders equity section of the balance sheet as of December 31 2012.
