Problem 14-04 (Video) On January 1, 2020, Sandhill Inc. had the following stockholders' equity balances. Common Stock (550,000 shares issued) $1,100,000 Paid-in Capital in Excess of Par Common Stock 510,000 Common Stock Dividends Distributable 140,000 Retained Earnings 580,000 During 2020, the following transactions and events occurred. 1. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 34,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $115,000. 5. Sold 7,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $340,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign precedingt Sandhill Inc. Stockholders' Equity Statement Paid in Capital in Common Excess of Stock Par - Dividends Common Stock Distributable Common Stock Treasury Stock Retained Earnings Total Sandhill Inc. Stockholders' Equity Statement Paid-in Capital in Common Excess of Stock Par - Dividends Common Stock Distributable Common Stock Treasury Stock Retained Earnings Total Balances, Jan. 1 s $ $ $ s Issued 70,000 share for stock dividend Issued 35,000 shares for cash Purchased 34,000 shares of treasury stock Declared cash dividend Sold 7,000 shares of treasury stock Net income for year Balances, Dec. 31 $ $