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Alignment Formatting Number Styles - B10 Table Styles - X & Issued 20,000 shares of 4%, $3 par value preferred stock in exchange for land with a market value of $70,000. AB ISSUANCE OF STOCK AND DIVIDENDS 20 points 5 Shawn Delo decides to start a new company in January 2019 that will be operated as a corporation, Delo Outdoor Equipment (DOE) This company will sell outdoor clothing and equipment. Delo Outdoor Equipment had the following select transactions in 2019, 7 Issued 50,000 shares of S1 par value common stock for a total of $200,000 Jan 1 Issued 20,000 shares of4N, 3 par value preferred stock in exchange for land with Charker 10 value of $70,000 REQUIREMENT 3 STOOLDUSEOUTY SECTOR OUTDOOR EQUIPMENT INCORPORATED Balance Sheet (Partial) December 31, 2019 Stockholders' Equity Paid-In Capital Preferred Stock, 4%, $3 par value, 20,000 shares issued and outstanding Paid-In Capital in Excess of Par-Preferred Common Stock-$1 Par Value, 54,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Treasury Stock Total Stockholders' Equity Declared total cash dividends of $15,000 Dec. 151 Declared an 8% common stock dividend when the market value of the stock was $4.50 per 20 share 13 31 Paid the cash dividends. 14 31 Distributed the stock dividend. 31 Purchased 500 shares of treasury stock at 54 per share 16 Requirements Journalize the transactions Calculate the balance in Retained Earnings on December 31, 2019. Assume net income for 2 the year was $420,000 3 Prepare the stockholders' equity section of the balance sheet as of December 31, 2019. REQUIREMENT 1 - JOURNAL ENTRIES Stocks & Dividends Bonds Present Value REQUIREMENT 2 - RETAINED EARNINGS Payroll Tyne here to corch Styles Filter Cell Select- Editing 2019 Date Accounts 22 Jan DR CR RECUREMENT 2 - RETAINED EARNING Delo Outdoor Equipment Statement of Retained Earnings Year Ended December 31, 2019 27 10 Retained Earnings, January 1 2019 Net income for the year Total Stock Dividends Declared Cash Dividends Declared Retained Earnines, December 31, 2019 31 Dec 15 20 311 31) Payroll Stocks & Dividends Bonds Present Value E- 11:57 + O Type here to search wie e x