Foley Corporation has the following capital structure at the beginning of the year 6% Preferred stock, $50 par value, 20,000 shares authorized, 7,000 shares issued and outstanding $ 350,000 Common stock, $10 par value, 60,000 shares authorized, 45,000 shares issued and outstanding 450,000 Paid-in capital in excess of par 130,000 Total paid-in capital 930,000 Retained earnings 540,000 Total stockholders' equity $1,470,000 Instructions (a) Record the following transactions which occurred consecutively (show all cal culations). 1. A total cash dividend of $80,000 Record dividends payable was declared and payable to stockholders of record. on common and preferred stock in separate accounts. 2. A 8% common stock dividend was declared. The average market value of the common stock is $16 a share. Assume that net income for the year of directors appropriated $85,000 of retained earnings for plant expansion. was $210,000 (record the closing entry) and the board 3. (b) Construct the stockholders' equity section incorporating all the above information