Retained Earnings: Transactions and Statement The stockholders' equity of Elson Corporation at lanuary 1 is shown below: The following transactions, among others, occurred during the year; Aer. 1 Declared a 100 percent stock diwdend on all outsanding shares of common stock. The marlet value of the stock was 514 per share 15. issued the stock diwdend declared on Apeil 1 . Dec. 7 Dectured a 3 percent steck dividend on all outstanding shares of common stock The makket value of the moek was 517 per share 17 issued the stock dividend declared on December7. a. Prepare journal entries to record the foregoing transactions. b. Prepare a statement of retained earnings. Net income for the year is $256,000. b. Prepare a statement of retained earnings. Net income for the year is $256,000. Do not use negative signs with your answers