Part III: Accounting for Stockholders Equity (30 points total) On January 1, 2009, the stockholders equity section of the balance sheet of Arden Hills Shoe Company is as follows: Preferred Stock (Par value $10 per share, 100,000 shares authorized, 10,000 issued and outstanding) Additional Paid in Capital ---- Preferred stock Common Stock (Par value $1 per share, 1,500,000 shares authorized, 50,000 shares issued, 50,000 shares outstanding) Additional Paid in Capital ---- Common stock Retained Earnings Total shareholders equity The following events occurred during the year 2009. $ 100,000 45,000 50,000 950,000 1,200,000 $2,345,000 a) On January 23, 2009, Arden Hills Shoe Company issued 10,000 shares of common stock with a issuing price of $22 per share, $1 par value. b) On April 18, 2009, Arden Hills repurchased 8,000 shares of common stock with cash from the open market. The total cost is $ 168,000. c) The stock price of common stock rose to $27 per share on August 6, 2009. Arden Hills Shoe Company sold 5000 shares of the treasury stock. d) On November 1, 2009, the board of directors declared cash dividends of $ 70,000. Dividends were to be paid on January 2, 2010 for shares on record as of December 1, 2009. The dividend rate for preferred stock is 10% of its par value; preferred stock is non-cumulative. The rest would be paid to common shareholders. (only need the journal entry for the declaration of cash dividend on November 1, 2009). e) On December 10, 2009, Arden Hills sold the remaining treasury stock (i.e., 3000 shares) at $19 cash per share. f) On December 20, 2009, Arden Hills Shoe Company declared a 40% stock dividend to common stockholders. This stock dividend is classified as large stock dividend. The market value of common stock was $20 at the declaration of the stock dividend and the par value was $1.

Required: 1) Prepare journal entries for above 6 transactions. Write No entry if no entry is necessary. Be sure to delineate between preferred dividends and common dividends. (24pts) 2) For the cash dividends announced on November 1, 2009, how much is dividend per share to common shareholders? (3pts) 3) If the net income for 2009 is $ 200,000, what is the ending balance of retained earnings at December 31, 2009? (3pts)

I want the calculations for shares outstanding in detail.