Question 18 of 26 - 158 Nash Corporation has the following capital structure at the beginning of the year: 4% Preferred stock, $50 par value, 20,000 shares authorized, 7,000 shares issued and outstanding $350,000 Common stock, $10 par value, 60,000 shares authorized, 40,000 shares issued and outstanding 400,000 Paid-in capital in excess of par 112,000 Total paid-in capital 862,000 Retained earnings 432.000 Total stockholders' equity $1.294,000 (a) Record the following transactions which occurred consecutively. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts./ 1 A total cash dividend of $105,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts. 2. A 15% common stock dividend was declared. The average fair value of the common stock is $22 a share. Assume that net income for the year was $148,000 (record the closing entry) and the board of directors appropriated $66,000 of retained earnings for plant expansion. No. Account Titles and Explanation Debit Credit 1. Type here to search O Hi x ]] DELL FZ F4 F6 F7 F8 F10 % & 2 3 4 5 6 7 8 Q W E R T Y U