ABC Company reported the following stockholders' equity section in its balance sheet on December 31, 20Y5: Preferred stock, 8%, cumulative, $50 par, 28,000 shares issued and outstanding Common stock $5 par, 100,000 shares authorized, 40,000 shares issued Paid in Capital in excess of par value, Common Stock Retained earnings $140,000 200,000 80,000 540,000 960,000 60,000 Less: treasury stock at cost, 3,000 common shares TOTAL STOCKHOLDERS' EQUITY The following are independent situations: I. On January 1, 20Y6, ABC Company declared a 20% common stock dividend. The market price per share of ABC Company's common stock on that day was $24 per share a. Prepare journal entry for declaration and payment of stock dividend. b. Prepare the Stockholders Equity section after the stock dividend c. Repeat a & b if ABC Company declared a 30% stock dividend 2. On January 1, 20Y6, when the market price of each share of stock was $24, ABC Company had a 3 for 1 stock split of its common stock. Calculate the number of shares issued and outstanding, the par value of each share and the approximate market price of each share after the stock split 3. During January 20Y6, the company reissued 800 shares of its treasury stock for 17,600.Later in February 20Y6, the company reissued 1,000 additional shares of treasury stock for $15,000 a, Journalize these transactions b. Determine the balance of Retained Earnings on December 31, 20Y6, taking into consideration all the Treasury Stock transactions and if Net Income was $200,000, cash dividends were $50,000, stock dividends were $20,000