6 of 7 < > View Policies - / 6 Current Attempt in Progress Coronado Corporation has the following capital structure at the beginning of the year: 4% Preferred stock, $50 par value, 20,000 shares authorized, 5,000 shares issued and outstanding Common stock, $10 par value, 60,000 shares authorized, 42,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity $250,000 420,000 117,000 787,000 439,000 $1,226,000 III (a) Record the following transactions which occurred consecutively. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. 2. 3. A total cash dividend of $75,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts. A 15% common stock dividend was declared. The average fair value of the common stock is $22 a share. Assume that net income for the year was $148,000 (record the closing entry) and the board of directors appropriated $65,000 of retained earnings for plant expansion. 2. A 15% common stock dividend was declared. The average fair value of the common stock is $22 a share. 3. Assume that net income for the year was $148,000 (record the closing entry) and the board of directors appropriated $65,000 of retained earnings for plant expansion. No. Account Titles and Explanation 1. Retained Earnings Dividends Payable - Preferred Dividends Payable - Common 2. Retained Earnings 3. Common Stock Paid-in Capital in Excess of Par - Common Stock Income Summary Retained Earnings (To record the closing entries.) Retained Earnings Retained Earnings Appropriated for Plant Expansion Debit Credit Question 6 of 7 < > 3. Paid-in Capital in Excess of Par - Common Stock Income Summary Retained Earnings (To record the closing entries.) Retained Earnings Retained Earnings Appropriated for Plant Expansion (To record appropriated retained earnings.) eTextbook and Media List of Accounts Save for Later Using multiple attempts will impact your score. 5% score reduction after attempt 1 - / 6 III Attempts: 0 of 2 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above. (b)