Question 47 (15 points) On January 1, Year 1, Blue Corporation reported $3,000,000 in its Common Shares account (200,000 issued) and retained earnings of $1,000,000. During Year 1, the following events occurred: March 1 declared a cash dividend of $1 per share to shareholders of record on April 15, payable on May 15. On July 1, the company issued 100,000 common shares at $17 per share. On December 15, the board of directors declared a 15% stock dividend to shareholders of record on December 31, payable on January 15, Year 2. The market value of Blue Corporation shares was $16 per share on December 15 and $14 per share on December 31. Profit for Year 1 was $625,000. Instructions