Project 3: Stockholders Equity (10 points) Required: Answer the questions on the following poge in this booklet and turn in the entire Shown below is the stockholders' equity section of Tiny Tot's stockholders equity section of booklet at the beginning of class on the date specified by your instructor the balance sheet at December 31, 2016: Common stock, $1 par value, 5,000,000 shares authorized, 700,000 shares issued and outstanding Additional paid-in capital Retained earnings $700,000 1,360,000 3,650,009 Total stockholders' equity During 2017, the following events occurred: Tiny Tot's was authorized to sell 100,000 shares of $100 par, 8% preferred stock Tiny Tot's sold 15,000 shares of the preferred stock at its par value A cash dividend of $120,000 was paid to the preferred stockholders Tiny Tot's declared and issued a 10% stock dividend on the common stock when the market value of the stock was $13 per share Net income for the year was $1,970,000