May 10 Purchases 4,700 shares of treasury stock for $52 per share. June 1 Declares a cash dividend of $1.35 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,350 shares of treasury stock purchased on May 10 for $57 per share. Company A has the following beginning balances in its stockholders' equity accounts on January 1, Year 1: Common Stock, $100,000; Additional Paid-in Capital, $4,200,000; and Retained Earnings, $1,700,000. Net income for the year ended December 31, Year 1, is $570,000 Required: Prepare the statement of stockholders' equity for Company A for the year ended December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Company A Statement of Stockholders' Equity For the Year Ended December 31, Year 1 Total Additional Retained Common Stock Paid-in Capital Earnings Treasury Stock Stockholders' Equity $ 100,000 $ 4,200,000 $ 1,700,000 $ 0 $ 6,000,000 52,000 2,496,000 2,548,000 (244,400) (244,400 Balance, January 1 Issue common stock Purchase treasury stock Declare dividends Resell treasury stock Net income 570,000