The stockholders' equity of Kinney Company at December 31, 2008, is shown below.

The following transactions, among others, occurred during 2009:

a. Use the financial statement effects template to indicate the effects of these separate transactions.

b. Compute retained earnings for 2009 assuming that the company reports 2009 net income of \(\$ 253,000\)

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Common stock, $5 par value, 200,000 shares authorized; 50,000 shares issued and outstanding..... 5% preferred stock, $100 par value, 10,000 shares authorized; 4,000 shares issued and outstanding..... $ 400,000 250,000 Paid-in capital in excess of par value preferred stock. 40,000 Paid-in capital in excess of par value-common stock. 300,000 Retained earnings Total stockholders' equity 656,000 $1,646,000