Cullumber Corporation has the following capital structure at the beginning of the year:

4% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding $300,000

Common stock, $10 par value, 60,000 shares authorized, 38,000 shares issued and outstanding 380,000

Paid-in capital in excess of par 108,000

Total paid-in capital 788,000

Retained earnings 437,000

Total stockholders' equity $1,225,000

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 0 for the amounts.)

1. A total cash dividend of $90,000 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 $23 a share.

3. Assume that net income for the year was $148,000 (record the closing entry) and the board of directors appropriated $72,000 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.)

SHOW LIST OF ACCOUNTS

Construct the stockholders' equity section incorporating all the above information.

CULLUMBER CORPORATION

Balance Sheet (Partial)

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