Maggie Corporation has the following capital structure at the beginning of the year:

4% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding		$300,000
Common stock, $10 par value, 60,000 shares authorized, 35,000 shares issued and outstanding		350,000
Paid-in capital in excess of par		103,000
Total paid-in capital		753,000
Retained earnings		430,000
Total stockholders' equity		$1,183,000

(a)

Partially correct answer iconYour answer is partially correct.

Record the following transactions which occurred consecutively. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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 $24 a share.
3.		Assume that net income for the year was $136,000 (record the closing entry) and the board of directors appropriated $75,000 of retained earnings for plant expansion.

1
2.
3.
	(To record the closing entries.)