Problem 11-8A (Part Level Submission) On January 1, 2017, Martinez Corp. had these stockholders' equity accounts. $725,000 Common Stock ($10 par value, 72,500 shares issued and outstanding) Paid-in Capital in Excess of Par Value 522,000 Retained Earnings 670,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.70 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. May 15 Issued the shares for the stock dividend Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Dec. 31 Determined that net income for the year was $4 44,000