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

4% 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, 35,000 shares issued and outstanding		350,000
Paid-in capital in excess of par		103,000
Total paid-in capital		753,000
Retained earnings		430,000
Total stockholders' equity		$1,183,000

Record the following transactions which occurred consecutively.

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 $24 a share.
3.		Assume that net income for the year was $136,000 (record the closing entry) and the board of directors appropriated $75,000 of retained earnings for plant expansion.