\fPoe had issued 50 million shares of its $1 par common stock for $18 several years ago. Jan 2 Feb 15th Sep 20th (c) (14 points) The stockholders' equity section of Benton Corporation's balance sheet as of December 31, 2020 is as follows: Stockholders' Equity Common stock, $5 par value; authorized, 2,000,000 shares; issued, 600,000 shares $3,000,000 Paid-in capital in excess of par 850,000 Retained earnings 4,500,000 $8,350,000 The following events occurred during 2021: 1. Jan. 5: 45,000 shares of authorized and unissued common stock were sold for $8 per share. 2. Jan. 16: Declared a cash dividend of 20 cents per share, payable February 15 to stock-holders of record on February 5. 3. Feb. 10: 60,000 shares of authorized and unissued common stock were sold for $12 per share. 4. March 1: A 30% stock dividend was declared and issued. Fair value per share is currently $15. 5. April 1: A two-for-one split was carried out. The par value of the stock was to be reduced to $2.50 per share. Fair value on March 31 was $18 per share. 6. July 1: A 15% stock dividend was declared and issued. Fair value is currently $10 per share. 7. Aug. 1: A cash dividend of 20 cents per share was declared, payable September 1 to stockholders of record on August 21.8. (15 points) Prepare the journal entry to record the following equity transactions. Assume the transactions are independent from each other. (a) (3 points) The shareholders' equity of Tru Corporation includes $600,000 of $1 par common stock and $1,200,000 par of 6% cumulative preferred stock. The board of directors of Tru declared cash dividends of $150,000 in 2021 after paying $60,000 cash dividends in each of 2020 and 2019. I/E as of declaration date (b) (3points) In 2021, Poe's Products completed the treasury stock transactions described below. Issued 300,000 of its common shares for $8 per share and 3,000 January 2: preferred shares at $110. February 15: Issued 50,000 shares of common stock in exchange for equipment with a known cash price of $310,000. September 20: Sold 3 million treasury shares at $15 per share