I need detailed answer please On January 1, 2020, Leyland Inc. had these stockholder equity balances. Common Stock, $1 par 1,000,000 shares authorized; $ 500,000

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On January 1, 2020, Leyland Inc. had these stockholder equity balances. Common Stock, $1 par 1,000,000 shares authorized; $ 500,000 500,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value $1,000,000 Retained Earnings $ 600,000 During 2020, the following transactions and events occurred. 1. Issued 50,000 shares of $1 par common stock for $125,000. 2. Issued 40,000 common shares for cash at $4 per share. 3. Purchased 15,000 shares of common stock for the treasury at $4 per share. 4. Declared and paid a cash dividend of $160,000. 5. Reported net income of $450,000. Instructions Prepare the stockholders' equity section of the balance sheet at December 31, 2020