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Thurston Howell IV is the sole heir to the Howell Enterprise fortune. He does not participate in the business, preferring to tend to his comic book collection. He does however own a large piece of the company.Recently he had become concerned about how the company has performed specifically related to some transactions relating to stockholders equity.Here is the data relating to stockholders equity:Howell EnterprisesStockholders EquityAs of December 31, 2013Common Stock, 2,000,000 shares outstanding 2,500,000Retained Earnings 15,500,000Treasury Stock (500,000)Total Stockholders Equity 17,500,000Thurston currently owns 300,000 shares of Howell EnterprisesHere are the relevant transactions for 2014:1.The company issued 500,000 shares @ $8.00 per share.2.The company purchased 100,000 shares of its own stock @ $15 per share.3.The company reissued 50,000 shares at $17.50 per share.4.The company declared a 20% stock dividend. The market price was $15 per share.5.The company declared a 2:1 stock split.6.The company declared a $2 per share cash dividend.Required• Record the above transactions in the general journal• Calculate the new balances in the stockholders' equity accounts• Calculate the book value of Mr. Howell's shares before and after the transactions.• Calculate the percentage of the company that Mr. Howell owns now and compare it to before the transactions• Write a memo to Mr. Howell explaining the change in value of his investment. Mr. Howell is thinking about suing the board of directors - how much should he sue for?
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