Jan 1 Iseged 70 005 thanw of 510 par value cammon stock for a total of 51,050 b50 More info Jan. 1 Issued 70,000 shares of $10 par value common stock for a total of $1,050.000 Jan. 10 Issued 40,000 shares of 2%,$20 par value preferred stock in exchange for land with a market value of $1,200,000 Dec. 15 Declared total cash dividends of $40,000. Dec. 20 Declared a 5% common stock dividend when the market value of the stock was $17.00 per share Dec. 31 Paid the cash dividends. Dec. 31 Distributed the stock dividend Requirements 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2027. Assume the balance on January 1,2027 was $6,000 and net income for the year was $388,000. 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2027. There was no preferred stock issued prior to the 2027 transactions