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Sophisticated Jewellery Limited reported the below summarized balance sheet as of December 31,201. View the summarized balance sheet. View the transactions. Read the requirements. s. Exclude explanations from journal entries.) July 24: Paid the cash dividend. (Record debits first, then credits. Exclude explanations from journal entries.) Summarized Balance Sheet Assets Current assets Property and equipment, net Total assets Liabilities and Equity Liabilities Shareholders' equity. $0.20 cumulative preferred shares, 420 shares issued Common shares, 6,700 shares issued Retained earnings Total liabilities and equity August 9: Declared a 14-percent stock dividend on the common shares. Market price of the common shares was $7 per share. (Record debits first, then credits. Exclude explanations from journal entries.) Required August 23: Distributed the stock dividend. (Record debits first, then credits. Exclude explanations from journal entries.) 1. Journalize Sophisticated's transactions. Explanations are not required. Report Sophisticated Jewellery Limited's shareholders' equity as of December 31,202. Net income for 202 was $27,200. November 20: Sold 740 common shares for $10 per share. (Record debits first, then credits. Exclude explanations from journal entries.) Requirement 2. Report Sophisticated Jewellery Limited's shareholders' equity as of December 31,202. Net income for 202 was $27,200. Complete the shareholders' equity section of the balance sheet. Enter the accounts in the proper order

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