Andrew Company was incorporated on January 1, 2016, under a corporate charter that authorized the issuance of 50,000 shares of $5 par common stock and 20,000 shares of $100 par, 8% preferred stock. The following events occurred during 2016. Andrew wants to record the events and develop financial statements on December 31, 2016.a.Issued for cash 10,000 shares of common stock at $25 per share and 1,000 shares of preferred stock at $105 per share on January 15, 2016.b.Acquired a patent on April 1 in exchange for 2,000 shares of common stock. At the time of the exchange, the common stock was selling on the local stock exchange for $32 per share.c.Repurchased 3,000 shares of common stock on May 1 at $20 per share. The corporation is holding the stock to be used for an employee bonus plan.d.Declared a cash dividend of $2 per share to common stockholders and an 8% dividend to preferred stockholders on July 1. The preferred stock is noncumulative, nonparticipating. The dividend will be distributed on August 1.e.Distributed the cash dividend on August 1.f.Declared and distributed to preferred stockholders a 10% stock dividend on September 1. At the time of the dividend declaration, preferred stock was valued at $128 per share.g.On December 31, calculated the annual net income for the year to be $227,000.Required:1.Record the accounting entries for items (a) through (f).2.Develop the Stockholders’ Equity section of Andrew Company’s balance sheet at December 31, 2016. You do not need to consider the notes that accompany the balance sheet.3.Determine the book value per share of the common stock. Assume that the preferred stock can be redeemed at par.