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P13-3 Lyons, Inc., had 1,000,000 authorized shares of $10 par value common stock, of which 400,000 shares were issued and outstanding. The stockholders' equity accounts at Decem- Transactions during 2005 and other information relating to the stockholders' equity ac- a. On January 8, 2005, Lyons issued 30,000 shares of $100 par, 7% cumulative preferred ber 31, 2004, had the following credit balances: Common stock Additional paid in capital-common Retained earnings Accumulated other comprehensive income counts were as follows: $4,000,000 840,000 3,800,000 120,000 C. stock at $105 per share. Lyons had 30,000 authorized shares of preferred stock b. On March 1, 2005, Lyons reacquired 10,000 shares of its common stock at a price of $12 per share. Lyons uses the cost method of accounting for treasury stock. On April 8, 2005, Lyons issued 50,000 shares of previously unissued common stock for $600,000. d. On November 10, 2005, Lyons sold 4,000 shares of treasury stock for $10 per share. Net income for the year ended December 31, 2005, was $748,000. f. The company experienced a holding loss of $45,000 net of taxes on its available-for- sale securities during 2005. g. On December 31, 2005, the board of directors declared the yearly cash dividend on the preferred stock, payable on January 15, 2006, to stockholders of record as of De- cember 31, 2005. The board of directors also declared a cash dividend of $0.20 per share on the common stock, payable on January 15, 2006, to stockholders of record as of December 31, 2005. e. Required: a. Prepare a statement of changes in stockholders' equity for the year ended December 31, 2005, in good form. b. Prepare the stockholdersequity section of the balance sheet at December 31, 2005, in good form