1. Chase Corporation has the following capital structure at the beginning of 2020: $500,000 5% Preferred stock, $50 par value, 50,000 shares authorized; 10,000 shares issued and outstanding Common stock, $5 par value, 100,000 shares authorized; 50,000 shares issued and outstanding Paid-in capital in excess of par 250,000 340,000 Total paid-in capital Retained earnings Total stockholders' equity 1,090,000 460,000 $1,550,000 Required: a. Prepare journal entries for the following transactions which occurred consecutively throughout 2021. i. A total cash dividend of $60,000 was declared to stockholders of record. ii. Bought 4,000 shares of treasury stock at $22 per share. iii. Resold 1,500 treasury shares at $23 per share. iv. Resold 1,000 shares of treasury stock at $19 per share. b. Prepare the stockholders' equity section of the balance sheet at December 31, 2021. Assume that net income for the year was $165,000