Problem 11-2A The stockholders equity accounts of Ayayai Corp. on January 1, 2017, were as follows Preferred Stock (796, $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 15,000 480,000 691,500 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 5,000 shares of common stock for $35,000 Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1 Nov. 1 Paid the dividend declared on October 1 Dec. Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017, Dec. 31 Determined that net income for the year was $278,300. Paid the dividend declared on December 1 Paid-in Capital in Excess of Stated Value-Common Stock 480000 1/1 Bal. v 10000 490000 12/31 Bal. Retained Earnings 1245001/1 Bal. 688000 12/31 v 21000 12/31 12/31 280000 822500 12/31 Bal. Cash Dividends 124500 12/31 145500 10/1 12/1 21000 12/31 Bal. v Treasury Stock 40000 1/1 Bal. v 7000 12/31 47000 12/31 Bal. v