Please include calculations

Foley Corporation has the following capital structure at the beginning of the year: 5% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding $ 300,000 Common stock, $10 par value, 60,000 shares authorized, 40,000 shares issued and outstanding 400,000 Paid-in capital in excess of par 110,000 Total paid-in capital 810,000 Retained earnings 440,000 Total stockholders' equity $1,250,000 Instructions Record the following transactions which occurred consecutively (show all calculations).

1. A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.

2. A 16% common stock dividend was declared. The average fair value of the common stock is $16 a share.

3. Assume that net income for the year was $130,000 (record the closing entry) and the board of directors appropriated $60,000 of retained earnings for plant expansion