AYAYAI CORPORATION Stockholders' Equity $ $ $ lec. 31 Retained Earnings Dividends Payable lec. 31 Income Summary Retained Earnings 163400 163400 3n. 11 Common Stock Paid-in Capital in Excess of Par - Common Stock Equipment Buildings Land Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock sly 29 10 lec. 31 Retained Earnings Dividends Payable 100600 Treasury Stock On January 5, 2020, Ayayai Corporation received a charter granting the right to issue 5,200 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 46,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,300 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a fair value of $48,600; a factory building with a fair value of $146,000; and land with an appraised value of $266,000. July 29 Purchased 2,000 shares of common stock at $17 per share. (Use cost method.) Aug. 10 Sold the 2,000 treasury shares at $14 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $163,400 net income