Equity transactions. Foley Corporation has the following capital structure at the beginning of the year: 6% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding Common stock, $10 par value, 60,000 shares authorized, 40,000 shares isssued and outstanding Paid-in capital in excess of par Total paid-in capital Instructions (a) Record the following transactions which occurred consecutively (show all calculations). 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 10% common stock dividend was declared. The average market value of the common stock is $18 a share 3 Assume that net income for the year was $150,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion. (b) Construct the stockholders' equity section incorporating all the above information.