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		$250,000
Common stock, $10 par value, 60,000 shares authorized, 41,000 shares issued and outstanding		410,000
Paid-in capital in excess of par		105,000
Total paid-in capital		765,000
Retained earnings		425,000
Total stockholders' equity		$1,190,000

1.		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.
2.		A 15% common stock dividend was declared. The average fair value of the common stock is $24 a share.
3.		Assume that net income for the year was $147,000 (record the closing entry) and the board of directors appropriated $73,000 of retained earnings for plant expansion.

No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.
	(To record the closing entries.)
	(To record appropriated retained earnings.)