P11-10A. Stockholders' Equity: Transactions and Statement The stockholders' equity section of Corporation's balance sheet at January 1 follows: $ 300,000 Common stock, $5 par value, 300,000 shares authorized, 60,000 shares Issued, 6,000 shares in treasury.. Additional paid-in capital. ... In excess of par value.... From treasury stock ... Retained earnings .. $480,000 30,000 510,000 348,000 1,158,000 138,000 $1,020,000 Less: Treasury stock (6,000 shares) at cost..... The following transactions affecting stockholders' equity occurred during the year: Jan. 8 Mar. 12 June 30 July 10 Oct. 7 Dec. 18 Issued 15,000 shares of previously unissued common stock for $42 cash per share. Sold all of the treasury shares for $56 cash per share. Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $50 per share. Issued the stock dividend declared on June 30. Acquired 2,500 shares of common stock as treasury stock at $52 cash per share. Declared a cash dividend of $1.00 per outstanding common share, payable on January 9 to stockholders of record on December 31. Required a. Prepare journal entries to record the foregoing transactions. b. Prepare a statement of stockholders' equity. Net income for the year is $351,000