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

4% Preferred stock, $50 par value, 20,000 shares authorized, 5,000 shares issued and outstanding		$250,000
Common stock, $10 par value, 60,000 shares authorized, 38,000 shares issued and outstanding		380,000
Paid-in capital in excess of par		108,000
Total paid-in capital		738,000
Retained earnings		450,000
Total stockholders' equity		$1,188,000

(a)

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 $75,000 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 $21 a share.
3.		Assume that net income for the year was $132,000 (record the closing entry) and the board of directors appropriated $74,000 of retained earnings for plant expansion.

No.	Account Titles and Explanation	Debit	Credit
1.	Debt InvestmentsShare Premium-OrdinaryDiscount on Bonds PayablePaid-in Capital from Treasury StockDividends Payable - PreferredCashRetained EarningsUnrealized Holding Gain or Loss - IncomeIncome SummaryLegal Fees ExpenseRetained Earnings Appropriated for Plant ExpansionProperty Dividends PayablePreferred StockBonds PayableTreasury StockEquipmentLandCommon StockBuildingsPaid-in Capital in Excess of Par - Preferred StockEquity InvestmentsShare Premium-Conversion EquityDividends Payable - CommonShare Capital-PreferenceUnamortized Bond Issue CostsPaid-in Capital in Excess of Stated Value - Common StockCommon Stock Dividend DistributablePaid-in Capital in Excess of Par - Common StockNo EntryShare Capital-OrdinaryOrganization Expense
	Paid-in Capital from Treasury StockDividends Payable - CommonBonds PayableBuildingsShare Capital-PreferenceLegal Fees ExpensePaid-in Capital in Excess of Par - Common StockTreasury StockShare Premium-Conversion EquityUnamortized Bond Issue CostsEquity InvestmentsProperty Dividends PayableOrganization ExpenseDiscount on Bonds PayableUnrealized Holding Gain or Loss - IncomeDebt InvestmentsPaid-in Capital in Excess of Par - Preferred StockCommon Stock Dividend DistributableRetained EarningsRetained Earnings Appropriated for Plant ExpansionNo EntryLandDividends Payable - PreferredShare Premium-OrdinaryEquipmentShare Capital-OrdinaryPaid-in Capital in Excess of Stated Value - Common StockCashCommon StockPreferred StockIncome Summary
	BuildingsEquity InvestmentsShare Capital-PreferencePaid-in Capital from Treasury StockPaid-in Capital in Excess of Par - Common StockCommon StockCommon Stock Dividend DistributableDividends Payable - CommonDiscount on Bonds PayableDebt InvestmentsPaid-in Capital in Excess of Stated Value - Common StockNo EntryOrganization ExpenseDividends Payable - PreferredLandRetained EarningsPaid-in Capital in Excess of Par - Preferred StockShare Premium-Conversion EquityUnrealized Holding Gain or Loss - IncomeProperty Dividends PayableLegal Fees ExpenseIncome SummaryShare Premium-OrdinaryPreferred StockRetained Earnings Appropriated for Plant ExpansionCashTreasury StockShare Capital-OrdinaryEquipmentBonds PayableUnamortized Bond Issue Costs
2.	Debt InvestmentsLegal Fees ExpensePaid-in Capital in Excess of Par - Common StockPaid-in Capital in Excess of Par - Preferred StockTreasury StockCashUnrealized Holding Gain or Loss - IncomeOrganization ExpenseDividends Payable - CommonPaid-in Capital from Treasury StockDiscount on Bonds PayablePaid-in Capital in Excess of Stated Value - Common StockBonds PayableNo EntryCommon Stock Dividend DistributableLandShare Premium-Conversion EquityEquipmentDividends Payable - PreferredEquity InvestmentsProperty Dividends PayableCommon StockIncome SummaryShare Premium-OrdinaryPreferred StockUnamortized Bond Issue CostsBuildingsShare Capital-OrdinaryRetained Earnings Appropriated for Plant ExpansionRetained EarningsShare Capital-Preference
	Retained EarningsLegal Fees ExpenseShare Premium-OrdinaryCommon Stock Dividend DistributableCashShare Premium-Conversion EquityShare Capital-OrdinaryOrganization ExpenseTreasury StockEquity InvestmentsDividends Payable - PreferredUnrealized Holding Gain or Loss - IncomePaid-in Capital in Excess of Par - Preferred StockDebt InvestmentsBuildingsLandCommon StockPaid-in Capital from Treasury StockDiscount on Bonds PayableIncome SummaryUnamortized Bond Issue CostsProperty Dividends PayablePaid-in Capital in Excess of Stated Value - Common StockShare Capital-PreferenceBonds PayablePreferred StockDividends Payable - CommonNo EntryPaid-in Capital in Excess of Par - Common StockEquipmentRetained Earnings Appropriated for Plant Expansion
	Share Premium-Conversion EquityUnrealized Holding Gain or Loss - IncomePaid-in Capital in Excess of Par - Preferred StockEquipmentCommon StockDebt InvestmentsShare Capital-OrdinaryPaid-in Capital from Treasury StockLandTreasury StockDividends Payable - CommonEquity InvestmentsCashPaid-in Capital in Excess of Par - Common StockPaid-in Capital in Excess of Stated Value - Common StockDividends Payable - PreferredProperty Dividends PayableBonds PayableRetained Earnings Appropriated for Plant ExpansionIncome SummaryShare Premium-OrdinaryLegal Fees ExpenseDiscount on Bonds PayableNo EntryShare Capital-PreferencePreferred StockUnamortized Bond Issue CostsRetained EarningsOrganization ExpenseCommon Stock Dividend DistributableBuildings
3.	Paid-in Capital from Treasury StockEquipmentCommon Stock Dividend DistributableProperty Dividends PayableUnamortized Bond Issue CostsTreasury StockBuildingsIncome SummaryOrganization ExpenseCommon StockLegal Fees ExpenseShare Capital-OrdinaryEquity InvestmentsShare Premium-Conversion EquityBonds PayablePaid-in Capital in Excess of Stated Value - Common StockDividends Payable - CommonPaid-in Capital in Excess of Par - Common StockPreferred StockNo EntryDividends Payable - PreferredPaid-in Capital in Excess of Par - Preferred StockShare Capital-PreferenceUnrealized Holding Gain or Loss - IncomeLandRetained Earnings Appropriated for Plant ExpansionCashDebt InvestmentsDiscount on Bonds PayableShare Premium-OrdinaryRetained Earnings
	No EntryDividends Payable - CommonEquity InvestmentsPaid-in Capital in Excess of Par - Preferred StockDebt InvestmentsUnamortized Bond Issue CostsBonds PayablePaid-in Capital in Excess of Stated Value - Common StockRetained EarningsCommon StockCommon Stock Dividend DistributableDiscount on Bonds PayableProperty Dividends PayableOrganization ExpenseUnrealized Holding Gain or Loss - IncomeIncome SummaryEquipmentTreasury StockShare Premium-Conversion EquityLandLegal Fees ExpenseShare Premium-OrdinaryDividends Payable - PreferredShare Capital-OrdinaryBuildingsShare Capital-PreferencePaid-in Capital in Excess of Par - Common StockPaid-in Capital from Treasury StockCashPreferred StockRetained Earnings Appropriated for Plant Expansion
	(To record the closing entries.)
	Legal Fees ExpenseShare Premium-Conversion EquityOrganization ExpenseDiscount on Bonds PayablePreferred StockRetained EarningsProperty Dividends PayableCommon Stock Dividend DistributableIncome SummaryCommon StockPaid-in Capital in Excess of Stated Value - Common StockUnamortized Bond Issue CostsShare Capital-OrdinaryEquity InvestmentsDividends Payable - CommonDebt InvestmentsCashShare Capital-PreferencePaid-in Capital in Excess of Par - Common StockUnrealized Holding Gain or Loss - IncomeRetained Earnings Appropriated for Plant ExpansionDividends Payable - PreferredPaid-in Capital in Excess of Par - Preferred StockShare Premium-OrdinaryBuildingsTreasury StockLandBonds PayableNo EntryPaid-in Capital from Treasury StockEquipment
	Paid-in Capital in Excess of Stated Value - Common StockTreasury StockLandOrganization ExpenseBonds PayableBuildingsShare Premium-OrdinaryDividends Payable - PreferredPaid-in Capital from Treasury StockDividends Payable - CommonRetained EarningsShare Capital-PreferenceCommon StockNo EntryLegal Fees ExpenseCashIncome SummaryDiscount on Bonds PayableDebt InvestmentsPaid-in Capital in Excess of Par - Preferred StockRetained Earnings Appropriated for Plant ExpansionUnamortized Bond Issue CostsEquity InvestmentsUnrealized Holding Gain or Loss - IncomeProperty Dividends PayableShare Premium-Conversion EquityEquipmentPaid-in Capital in Excess of Par - Common StockShare Capital-OrdinaryPreferred StockCommon Stock Dividend Distributable
	(To record appropriated retained earnings.)

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(b)

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