Foley Corporation has the following capital structure at the beginning of the year of 2010:

5% 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, 40,000 shares issued and outstanding 400,000

Paid-in capital in excess of par 110,000

Total paid-in capital 810,000

Retained earnings 3,440,000

Total stockholders' equity $4,250,000

(a) Record the following the year of 2011 transactions which occurred consecutively (show all your works). - Jan. 15, 2011: Treasury stock of 6,000 shares was purchased at $16 per share. Record this transaction under the cost method. - March. 1, 2011: A 45% common stock dividend was declared. The average fair value of the common stock is $9 per share. Shares for this stock dividend will be issue on April 1, 2012. - June 1, 2011: Reissue treasury stock of 1,000 shares at $6 per share. - December 15, 2011: A 15% common stock dividend was declared. The average fair value of the common stock is $9 per share. Shares for this stock dividend will be issue on February 1, 2012. (b) Construct the stockholders' equity section incorporating all the above information. Assume that net income for the year of 2011 was $ 250,000.