Dec. 31 Balance 1,260,000 Treasury Stock Aug. 7 Purchased 12,000 shares 552,000 Mar. 31 Dividend June 30 Dividend Sept. 30 Dividend Dec. 31 Dividend Retained Earnings 69,000 Jan. 1 Balance 69,000 Dec. 31 Closing 69,000 69,000 Dec. 31 Balance 11,375,000 net income) 3 3,780,000 14,879,000 Problems: Series A PR 12-1A Dividends on preferred and common stock Obj. 2 Pecan Theatre Inc. owns and operates movie theaters throughout Florida and idends in Year 3: Georgia. Pecan Theatre has declared the following annual dividends over a six-year period: $20,000 Year 1, $80,000, Year 2, $90,000, Year 3, $150,000; Year 4, $150,000; Year 5, $160,000, and Year 6, $180,000. During the entire period ended December 31 of each year, the outstanding stock of the company was composed of 250,000 shares of cumulative, preferred 2% stock, $20 par, and 500,000 shares of common stock, $15 par (Continued)