48. Equity transactions. Foley Corporation has the following capital structure at the beginning of the year: 5% Preferred stock, S50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding Common stock, S10 par value, 60,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity S 300,000 400,000 810,000 1.250.000 Instructions (a) Record the following transactions which occurred consecutively (show all calculations). 1. A total cash dividend of $90,000 was declared and payable to stockholders of 2-A 15% common stock dividend was declared. The average fair value of the 3. Assume that net income for the year was S160,000 (record the closing entry) and record. Record dividends payable on common and preferred stock in separate accounts. common stock is $25 a share. the board of directors appropriated $70,000 of retained earmings for plant expansion. b) Construct the stockholders' equity section incorporating all the above information