5. Foley Corporation has the following capital structure at the beginning of the year: Preferred stock, 4%, $50 par value, 6,000 shares issued and outstanding Common stock, $10 par value, 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital $ 300,000 400,000 110,000 810,000 Required (18 points): Record the following transactions which are independent situations. (a). A total cash dividend of $90,000 was declared on Oct. 31. Record dividends payable on common and preferred stock in separate accounts. Preferred stock dividends are based on par value and the fixed rate (4%). The remaining amount is for common stock dividends. (b). A 15% common stock dividend was declared on Nov. 30. The average fair value of the common stock is $22 a share. (c). A property dividend was declared on June 30. Foley will give one share of its equity investment in Cook Co. (classified as Trading) for every two share of Foley Corporation common stock held by shareholders. The book value of the equity investment in Cook is $8.5 per share. Its market price is $11 per share on the date the property dividend is declared.