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Stockholders' Equity: Transactions and Statement The stockholders' equity section of Night Corporation's balance sheet at January 1 follows: Common stock, $4 par value, 300,000 shares authorized, 60,000 shares 240,000 issued, 6,000 shares in treasury Additional paid-in capital In excess of par value 360,000 From treasury stock 22,500 382,500 Retained earnings 261,000 883,500 Less: Treasury stock (6,000 shares) at cost 103,500 Total Stockholdersam Equity 780,000 The following transactions affecting stockholdersTM equity occurred during the year: Jan. 8 Issued 15,000 shares of previously unissued comron stock for $16 cash per share. Mar. 12 Sold all of the treasury shares for $21 cash per share. June 30 Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $19 per share. July 10 Issued the stock dividend declared on June 30, Oct. 7 Acquired 2,500 shares of common stock as treasury stock at $20 cash per share. Dec. 18 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, Type here to search o * Return to course Business Course 0 22,500 0 71,250 x O 15,000 x 56,250 X 0 Paid-in-Capital from Treasury Stock Sold shares of treasury stock. Jun 30 Stock Dividends Stock Dividend Distributable Paid-in-Capital in Excess of Par Value Declared stock dividend. Jul. 10 Stock Dividend Distributable Common Stock Issued shares of common stock declared as dividend. Oct.7 Treasury Stock Cash e 0 15,000 x 0 15,000 x 50,000 0 50,000 0 0 x 0 OX Purchased shares of common stock for treasury. Dec. 18 Cash Dividends Dividends Payable Declared cash dividend. Dec.31 Income Summary Retained earnings To close the income summary account. Dec.31 Retained earnings Stock dividends Cash Dividends To close the dividend accounts