Brightlight Corporation has the following capital structure at the beginning of 2018

1. (a) Journal entries to record the following transactions which occurred during the year, as necessary.

1. On June 30, 2019, 8,000 shares of Treasury Stock were purchased for $24 per share.

2. On July 31, 2019, 2,000 of the Treasury Stock was reissued for $22 per share.

3. On September 30, 2019, a 10% stock dividend was declared on the common shares when the market value of the shares was $20 per share.

4. Net income for the year was $300,000

5. A cash dividend of $1.00 cents per share of common stock and the preferred dividends were declared on December 31 and payable to stockholders of record on a date after year end.

2. (b) The statement of stockholders equity for 2019 incorporating all the above information.

$ 600,000 6% Preferred stock, $50 par value, noncumulative and nonparticipating, 40,000 shares authorized, 12,000 shares issued and outstanding Common stock, $10 par value, 120,000 shares authorized, 80,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity e, 120,000s issued and nonparticip res authorinutstanding Pating, 800,000 220,000 1,620,000 880,000 $2,500,000