In. Foley Corporation has the following capital sin Ollowing capital structure at the beginning of the year: $ 300,000 5% Preferred stock, $50 par erred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding common stock, $10 par value. 60.000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity 400,000 110,000 810,000 440,000 $1,250,000 Instructions (a) Record the following transactions which occurred consecutively (show all calculations). (15 points) 1. A total cash dividend of $90,000 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 $25 a share. 3. Assume that net income for the year was $160,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion. (b) Construct the stockholders' equity section incorporating all the above information. (10 points)