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Mer 15. Merlared total rash dividends of $350nn Assume Nature Gnome Company was organized as a corporation. Nature Gnome Company decides to raise additional capital for a planned business expansion by issuing additional stock. The comp will be able to acquire cash as well as land adjacent to its current business location. Before the following transactions, the balance in Common Stock on January 1,2028 was $800,000 and included 160,000 shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess of Par-Common.) Nature Gnome Company had the following transactions in 2028: View the transactions. Read the requirements. Requirement 1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Issued 70,000 shares of $5 par value common stock for a total of $420,000. Transactions \begin{tabular}{ll} \hline Jan. 1 & Issued 70,000 shares of $5 par value common stock for a total of $420,000. \\ Jan. 10 & \begin{tabular}{l} Issued 10,000 shares of 3%,$15 par value preferred stock in exchange for land with a fair value of \\ $200,000. \end{tabular} \\ Dec. 15 & Declared total cash dividends of $35,000. \\ Dec. 20 & Declared a 10% common stock dividend when the market value of the stock was $9.00 per share. \\ Dec. 31 & Paid the cash dividends. \\ Dec. 31 & Distributed the stock dividend. \end{tabular} Requirements 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2028. Assume the balance on January 1,2028 was $6,750 and net income for the year was $454,000. 3. Prepare the stockholders' equity section of the balance sheet as of December 31,2028 . There was no preferred stock issued prior to the 2028 transactions. Dec. 31: Paid the cash dividends. Dec. 31: Distributed the stock dividend. \begin{tabular}{c||c||c||c|} Date & Accounts and Explanation & Debit & Credit \\ \hline \hline Dec. 31 & & & \\ & & & \\ & & & \\ & & & \end{tabular} Requirement 2. Calculate the balance in Retained Earnings on December 31,2028. Assume the balance on January 1,2028 was $6,750 and net income for the year was $454,000 Complete the table below to calculate the balance in Retained Earnings on December 31, 2028. Requirement 3. Prepare the stockholders' equity section of the balance sheet as of December 31,2028 . There was no preferred stock issued prior to the 2028 transactions. Review the journal entries from Requirement 1. Nature Gnome Company Balance Sheet (Partial) December 31, 2028 Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity