Foley Corporation has the following capital structure at the beginning of the year: 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 15% common stock dividend was declared. The average fair value of the common stock is $25 a share. 3. Assume that net income for the year was $160,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion. (b) Construct the stockholder's' equity section incorporating all the above information