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The stockholders' equity accounts of Ayayal Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock (54 stated value, 300,000 shares authorized) Pald-in Capital in Excess of Par Value-Preferred Stock Pald-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 691,500 40,000 1 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. Issued 5,000 shares of common stock for $35.000 Mar. 20 Purchased 1.000 additional shares of common treasury stock at $a per share. Oct. Declared a 7% cash dividend on preferred stock, payable November 1 Nov. 1 Paid the dividend declared on October 1. Dec Declared a 50.55 per share cash dividend to common stockholders of record on December 15, payable December 31 Dec. 31 Determined that net income for the year was $278,300. Paid the dividend declared on December 1. 1 1 Dividends Pavable lov, 1 21000 a Dividends Payable 21.000 Cath 21000 feci Cash Dividends 177700 Dividends Payable Cash Dividends 177700 lec. 31 Income Summary 278,300 27300 Benedig (To record net income) Retired mine Social 198700 198700 Callende (To close cash dividends) biviounds Payable VOC 31 : 177700 177700 (To record payment of cash dividends payable) Preferred Stock + Common Stock Paid-in Capitaln Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings 1 Cash Dividends Treasury Stock