Instructions The following selected transactions occurred during the year Jan. 22 Apr. Jun Jul 10 6 5 Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,000. Issued 75,000 shares of common stock for $24 per share. Sold all of the treasury stock for $26 per share. Declared a 4% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Issued shares of stock for the Stock dividend declared on July 5. Purchased 30,000 shares of treasury stock for $19 per share. Declared a $0.10-per-share dividend on common stock. Closed the two dividends accounts to Retained Earnings. Aug Nov. Dec. 15 23 28 31 Instructions Required: 1. Enter the January 1 balances in Taccounts for the stockholders' equity accounts listed. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,125,000 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. 3. Prepare a Prepare a statement of stockholders' equity for the year ended December 31, 20Y6. Assume that net income was $ 1,125,000 for the year ended December 31, 20Y6. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If there is an amount is zero, enter "o". 4. Prepare the Stockholders' Equity section of the December 31, 20Y6, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. "Refer to the stof Amount Descriptions provided for the exact wording of the answer choices for text entries. Instructions The following selected transactions occurred during the year Jan. 22 Apr. Jun Jul 10 6 5 Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,000. Issued 75,000 shares of common stock for $24 per share. Sold all of the treasury stock for $26 per share. Declared a 4% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Issued shares of stock for the Stock dividend declared on July 5. Purchased 30,000 shares of treasury stock for $19 per share. Declared a $0.10-per-share dividend on common stock. Closed the two dividends accounts to Retained Earnings. Aug Nov. Dec. 15 23 28 31 Instructions Required: 1. Enter the January 1 balances in Taccounts for the stockholders' equity accounts listed. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,125,000 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. 3. Prepare a Prepare a statement of stockholders' equity for the year ended December 31, 20Y6. Assume that net income was $ 1,125,000 for the year ended December 31, 20Y6. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If there is an amount is zero, enter "o". 4. Prepare the Stockholders' Equity section of the December 31, 20Y6, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. "Refer to the stof Amount Descriptions provided for the exact wording of the answer choices for text entries