On January 1,2017 , Svenberg Inc.'s Stockholders' Equity category appeared as follows: The preferred stock is noncumulative and nonparticipating. During 2017, the following transactions occurred: a. On March 1, declared a cash dividend of $6,400 on preferred stock. Paid the dividend on April 1. b. On June 1 , declared an 8% stock dividend on common stock. The current market price of the common stock was $26. The stock was issued on July 1. c. On September 1, declared a cash dividend of $0.70 per share on the common stock; paid the dividend on October 1. d. On December 1 , issued a 3 -for-1 stock split of common stock, when the stock was selling for $30 per share. Required: 1. Explain each transaction's effect on the stockholders' equity accounts and the total stockholders' equity