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Problen 145 Foley Corporation has the following capital structure at the beginning of the year: 496 Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding Common stock, $10 par value, 60,000 shares authorized, 36,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained carnings Total stockholders' equity $300,000 360,000 110,000 770,000 437,000 $1,207,000 Record the following transactions which occurred consecutively. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 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 15% common stock dividend was declared. The average fair value of the common stock is $22 a share. 3. Assume that net income for the year was $140,000 (record the dosing entry) and the board of directors appropriated $69,000 of retained eamings for plant expansion No. Account Titles and Explanation Dcbit Credit Common Stock Dividend Distributable 2. Retained Earnings