IV: Pr. 15-145-Equity transactions. Foley Corporation has the following capital structure at the beginning of the year. 6% Preferred 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 Instructions $ 300,000 400,000 110.000 810,000 440,000 $1.250.000 (a) Record the following transactions which occurred consecutively (show all calculations). 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 10% common stock dividend was declared. The average market value of the common stock is $18 a share. 3. Assume that net income for the year was $150,000 (record the closing entry). (b) Prepare the stockholders' equity section incorporating all the above information. PROBLEM IV Solution # a. 1. PRESENTE LOS COMPUTOS: a. 2. PRESENTE LOS COMPUTOS: GENERAL JOURNAL ACCOUNT NAME REF DEBIT CREDIT