ng and Analyzing Financial Statement Effects of Cash and Stock Dividends The stockholders' equity of Hammel Company at December 31, 2016, is shown below. 5% preferred stock, $100 par value 10,000 shares authorized: Common stock, $5 par value, 200,000 shares authorized; 70,000 sharos issued and outstanding. .-- .. ' Paid-in capital in excess of par value-preferred stock. ,.. , , " , Paid-in capital in excess of par value--common stock. Retained earnings..-.. 350,000 50,000 400,000 747.000 $%2,147,000 Total stockholders' equity. The following transactions, among others, occurred during 2017 Apr. 1 Declared and issued a Dec.T 100% stock dividend on all outstanding shares of common stock. The market value of the stock was $14 per share. red and issued a 4% stock dividend on all outstanding shares of common stock. The market value of the stock was $17 per share. Declared and paid (1) the annual cash dividend on the preferred stock and (2) a cash dividend Dec. of 90 cents per common share. se the financial statement effects template to indicate the effects of these separate transactions compute retained earnings for 2017 assuming that the company reports 2017 net income of $$23,000