Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of DiFrancesco Company at March 31, 2019 is shown below. 4% preferred stock, $1,000 par value, 25,000 shares authorized; 10,000 shares issued and outstanding $10,000,000 Common stock, $1 par value, 3,000,000 shares authorized: 700,000 shares issued and outstanding 700,000 Additional paid-in capital-preferred stock 60,000 Additional paid-in capital-common stock 17,150,000 Retained earnings 49,005,689 Total stockholders' equity $76,915,689 The following transactions, among others, occurred during the fiscal year ended March 31, 2020. April 15, 2019 Declare and pay preferred dividends of $400,000 April 15, 2019 Declare and pay common dividends of $1.30 per share October 1, 2019 Execute a 3-for-1 stock split of the common stock when the stock price was $140 per share. March 1, 2020 Declare and pay common dividends of $0.50 per share Income Statement (a) Use the financial statement effects template to indicate the effects of these separate transactions. Use negative signs with answers, when appropriate. Balance Sheet Noncash Contributed Earned Transaction Cash Asset Assets Liabilities Capital Capital Revenue Apr. 15 (340,000) X 0 0 0 340,000 X 0 Apr. 15 (770,000) X 0 0 0 770,000 X 0 Oct. 1 0 0 0 0 0 Mar. 1 (630,000) X 0 O 0 630,000 X 0 Net Income Expenses 0 0 0 0 0 0 0 0 (b) At March 31, 2020, the company reported net income for the year of $8,900,610. Compute retained earnings as of March 31, 2020. $ 48,815,446 X