Question 5 Dunder Mifflin Dunder Mifflin reported stockholders' equity on December 31 of the prior year as follows: Common stock, $10 par value, 80,000 shares authorized, issues, and outstanding.... $800,000 Paid-in capital in excess of par, common stock... 290,000 Retained earnings.... 1,600,000 The following selected transactions occurred during the current year: Feb. 15 March 9 May 1 Sept 1 Sept 24 Nov 1 Dec. 31 A cash dividend of $1.00 per share was declared by the board of directors to stockholders of record on March 1, payable March 9. Paid the cash dividend. Purchased 7,000 shares of its own common stock at $50 per share. A cash dividend of $1.00 per share was declared by the board of directors to stockholders of record on Sept 15, payable September 24. Paid the cash dividend. Sold 1,500 treasury shares for $61 per share. Earned a net income of $925,000 for the current year. 0 pts Question 6 Dunder Mifflin Using the information completed in the last problem.... Prepare a statement of retained earnings as of December 31 of the current year. 0 pts