PRUULI LO2, 3.5 36. Recording and Reporting Equity Camp Corporation had the following balances in its stockholders' equity at January 1: Common stock, $2 par value, 450,000 shares issued $ 900,000 Additional paid-in capital 1,200,000 Retained earnings 2,225,000 Treasury stock, at cost, 8,000 shares (48,000) During the year, Camp Corporation had the follow- ing transactions related to stockholders' equity: Mar. 1 Issued 200,000 shares of common stock for cash at $8 per share. July 1 Declared a 10% stock dividend, payable August 1. The stock was trading at $7 per share on July 1. Aug. 15 Declared a $0.50 per share cash dividend to stockholders of record on September 1, payable September 15. Oct. 1 Bought back 6,000 shares of common stock for $45,000. into the above transactions, assume that the year Camp generated net income of In addition to the a during the year Camp $520,000. Required Prepare the journal entries to record the four transactions. h Post all necessary items to a Retained Earnings T-account to update the account. Hint: Do not forget the effect of net income. c Prepare Camp's December 31 stockholders' equity section. d. Using end-of-year outstanding shares, calculate earnings per share for the year