Project 3: Stockholders' Equity (10 points) Shown below is the stockholders' equity section of Tiny Tot's stockholders' equity section of the balance sheet at December 31, 2017: Common stock, $1 par value, 5,000,000 shares authorized Additional paid-in capital Retained earnings $ 2,100,000 2,480,000 4,800,000 $9,380,000 Total stockholders' equity In 2018, the following events occurred: Tiny Tot's was authorized to sell 100,000 shares of $100 par, 8% preferred stock Tiny Tot's sold 10,000 shares of the preferred stock at its par value A cash dividend of $120,000 was declared and paid Tiny Tot's declared and issued a 5% stock dividend on the common stock when the market value of the stock was $12.50 per share Net income for the year was $1,875,000