Record the following transactions which occurred consecutively

Foley Corporation has the following capital structure at the beginning of the year: 4% Preferred stock, $50 par value, 20,000 shares authorized, 5,000 shares issued and outstanding Common stock, $10 par value, 60,000 shares authorized, 42,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity $250,000 420,000 110,000 780,000 448,000 $1,228,000 1. 2. A total cash dividend of $75,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts. A 15% common stock dividend was declared. The average fair value of the common stock is $24 a share. Assume that net income for the year was $131,000 (record the closing entry) and the board of directors appropriated $75,000 of retained earnings for plant expansion. 3. No. Account Titles and Explanation Debit Credit 1. 2. 3. (To record the closing entries.)