Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Flounder Corp. on January 1, 2017, were as follows Preferred Stock (79, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 693,000 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. Issued 5,000 shares of common stock for $30,000. Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $285,000. Pald the dividend dedared on December 1. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 RNTER VERSION BACK ournalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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 entea O for the amounts. Round answers to 0 decimal places,e.g.5,275.) Account Titles and Explanation Date Debit Credit Feb. 1 Cash 30000 Common Stock 20000 Pald-in Capital in Excess of Stated Value-Common 10000 Mar. 20 Treasury Stock Cash Oct.1 Cash Dividends Dividends Payable Nov. 1 Dividends Payable Cash Dec. 1Cash Dividends Dividends Payable Mar. 20 Treasury Stock 7000 Cash Oct. 1 Cash Dividends Dividends Payable Nov. 1 Dividends Payable dy Cash Dec. 1 Cash Dividends Dividends Payable Dec. 31 Dividends Payable Cash To record net income) Dec.31 Retained Earnings Cash Dividends To close cash dividends) Dec. 31 net Retained Earnings ES Dividends Payable Dec. 31 Dividends Payable Cash (To record net income) Retained Earnings Cash Dividends (To close cash dividends) Dec. 31 Dec. 31 net Retained Earnings (To record payment of cash dividends payable)