Pearson began 2012 with 30000 $1 common shares issued andoutstanding. Paid in ca

Pearson began 2012 with 30000 $1 common shares issued andoutstanding. Paid in capital in excess of par was $25000 andretained earnings were $175000. Net income for 2012 was $22000.Pearson had outstanding 5000 shares of $4.00 par 5% preferredstock. Review Pearsons transactions for 2012 then: Record thetransactions in the journal and prepare the statement ofshareholders equity for 2012.