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Foley Corporation has the following capital structure at the beginning of the year: 4% Preferred stock, $50 par value, 20,000 shares authorized,6,000shares issued and outstanding$300,000

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

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

Common stock, $10 par value, 60,000 shares authorized,45,000shares issued and outstanding450,000

Paid-in capital in excess of par120,000

Total paid-in capital870,000

Retained earnings446,000

Total stockholders' equity$1,316,000

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 $90,000was 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 $20a share.

3.Assume that net income for the year was $139,000(record the closing entry) and the board of directors appropriated $68,000of retained earnings for plant expansion.

No. Account Titles and Explanation Debit Credit

1 Retained earnings 90000

Dividends payable preferred 12000

Dividends payable common 78000

2 Retained earnings 135000

Common stock dividends distributable 67500

Paid in capital in excess of par common stock 67500

3 Income summary 139000

Retained earnings 139000

4 Retained earnings 68000

Retained earnings appropriated for plant expansion 68000

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

Foley corporation

Balance sheet partial

Stockholders' equity

Preferred stock 300000

Common stock 450000

Common stock dividends distributable 60000

Paid in capital in excess par common stock - My number that goes here is wrong

Total paid in capital - My number that goes here is wrong

Retained earnings - My number that goes here is wrong

Retained earnings appropriated for plant expansion - My number that goes here is wrong

Total retained earnings - My number that goes here is wrong

Total stockholders' equity - My number that goes here is wrong

The only part I need help is in the parts where it says that my number that goes here is wrong.

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