Question 3: (30 Marks) The stockholders' equity of Concord Inc. at December 31, 2013, appears below:...

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Question 3: (30 Marks) The stockholders' equity of Concord Inc. at December 31, 2013, appears below: Common stock, $15 par value, 200,000 shares authorized, 135,000 shares issued and outstanding Paid-in capital in excess of par value Retained earnings During 2014, the following transactions occurred: 2,025,000 1,750,000 2,375,000 Declared a 10% common stock dividend when market value was $40 per share Issued the stock dividend declared on June 15. May 10: August 31: December 10: December 31: Declared a cash dividend of $2.50 per share to be paid in January 2015. Recognized net income of $ 1,087,000. Compute the year-end balance of the retained earnings for 2014. Question 3: (30 Marks) The stockholders' equity of Concord Inc. at December 31, 2013, appears below: Common stock, $15 par value, 200,000 shares authorized, 135,000 shares issued and outstanding Paid-in capital in excess of par value Retained earnings During 2014, the following transactions occurred: 2,025,000 1,750,000 2,375,000 Declared a 10% common stock dividend when market value was $40 per share Issued the stock dividend declared on June 15. May 10: August 31: December 10: December 31: Declared a cash dividend of $2.50 per share to be paid in January 2015. Recognized net income of $ 1,087,000. Compute the year-end balance of the retained earnings for 2014.