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FULL SCRE Problem 145 Foley Corporation has the following capital structure at the beginning of the year: 4% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding Common stock, $10 par value, 60,000 shares authortzed, 42,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders equity $300,000 420,000 116,000 836,000 433,000 $1,269,000 Your answer is partially correct. Try again. when amount is entered. Do not indent manually. If no entry Record the following transactions which occurred consecutively. (Credit account titles are automatically indented is required, select "No Entry" for the account titles and enter O for the amounts.) 1. A total cash dividend of $90,000 was declared and payable to stockholders of record. Recornd dividends peyable on common and preterred A 15% common stock dividend was de dared. The average fair value of the common stock is S23 a share. Assume that net income for the year was $137,000 (record the dlosing entry) and the board of directors appropriated $7,000 of retained earmings 2. 3. Debit Credit No. Account Titles and Explanation 1. Retained Earnings 12 Dividends Payabl Dividends Payable-Common 2. Retained Earmings 72 Common Stock Dividend Distributable Pald-in Capital in Excess of Par Common Stock 81 3. Income Summary 13700 Retained Eathings To record the closing entries) Retained Earnings Retained Earnings Appropriated for Plant Expansi 74 To record appropriated retained earnings.) Your answer is partially correct. Try again. Construct the stockholders' equity section incorporating all the above information. FOLEY CORPORATION Balance Sheet (Partial) Stockholders Equity Preferred Stock 300000 Common Stock 420000 Common Stock Dividend Distributable 433000 Paid-in Capital in Excess of Par-Common Stock 116000 Total Pald-in Capital 891000 Retained Earnings 433000 Retained Earnings Appropriated for Plant Expansic 74000 Total Retained Earnings 507000 20F F2 OF3 FS o/ Total Retained Earnings 507000 Total Stockholders' Equity 1398000 Click if you would like to Show Work for this question: Open Show Work