Question 6 of 6 0.43/1.4 lii The stockholders' equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) Common Stock ($5 stated value, 326,000 shares buthorized) Paid-in Capital in Excess of Par Value --Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,000 common shares) $240,000 1,358,333 12.000 521,600 711,000 32.000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct 1 1 Nov Dec Issued 4,620 shares of common stock for $32,340. Purchased 1,550 additional shares of common treasury stock at 59 per share. Declared a 7% cash dividend on preferred stock payable November 1. Paid the dividend declared on October 1. Declared a 50.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Determined that net income for the year was $279.000. Paid the dividend declared on December 1 1 Dec 31 EX (Part 2): Submit by 11pm Question 6 of 6 0.43/1.4 ov. 1 Dividends Payable 16800 Cash 16800 ec 1 y Cash Dividends Dividends Payable ec. 31 v 279000 279000 Income Summary Retained Earnings (To record net income) Retained Earnings ec. 31 216,589 Cash Dividends 216,589 (To dose cash dividends) ec 31 Dividends Payable 279.000 279.000 (To record payment of cash dividends payable) Question 6 of 6