Morrow construction has following account appears in the ledger at the beginning of the current year: Preferred 2% stock,$75par(150,000 shares authorized,80,000 shares issued) $6,000,000 Paid in Capital in excess of par Preferred stock 420,000 Common stock $8par (5,200,000 shares authorized, 3,000,000 shares issued 24,000,000 Paid in Capital in excess of par-Common Stock 1,850,000 Retained Earnings 115,400,000 (15 marks) During the year, the corporation completed a number of transactions affecting the stockholders equity. 1. Issued 400,000 shares of common stock at $11, receiving cash. 2. Issued 500,000 shares of preferred 2% stock at $90. 3. Purchased 150,000 shares of treasury common stock for $10 per share. 4. Sold 80,000 shares of treasury common stock for $13 per share. 5. Sold 20,000 shares of treasury common stock for 9$ per share. 6. Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock.