Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity of Summit Corporation at January 1 follows:

Requireda. Set up T-accounts for the stockholders’ equity accounts as of the beginning of the year and enter the January 1 balances.b. Prepare journal entries for the given transactions and post them to the T-accounts (set up any additional T-accounts needed). Do not prepare the journal entry for the Dec. 31 transaction, but post the appropriate amount to the Retained Earnings T-account. Determine the ending balances for the stockholders’ equity accounts.c. Prepare the stockholders’ equity section of the balance sheet at December 31

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