Part I

What is par value? Is it related to a stock's market value?

Please record the following journal entries:

$(1)$ Belson Corporation sold $1,000$ shares of $$10$ par value common stock for $$17$ per share.

$(2)$ Belson sold $1,000$ shares of $$25$ par value preferred stock for $$30$ per share.

Part II

$(1)$ What are retained earnings and does the retained earnings account have a debit or credit balance?

$(2)$ Compute the retained earnings balance at the end of the year for Parks Corporation $($and please show your work$),$ based on the following data:

Retained Earnings, Jan. $1$ $ $50,000$

Net Income $ $100,000$

Dividends Declared $ $30,000$