Statement of Stockholders' Equity E 9. The stockholders' equity section of Erich Corporation's balance sheet on December 31, 2010, follows. Contributed capital Common stock, $2 par valuc, 500.000 shares authorized, 400,000 shares issued and outstanding Additional paid-in capital Total contnbuted capital Retained carnings Total stockholders' equity $ 800,000 1.200.000 $ 2,000,000 4.200.000 $ 6,200,000 Prepare a statement of stockholders' equiry for the year ended December 31, 2011, assuming these transactions occurred in sequence in 2011: a. Issued 10,000 shares of $100 par value, 9 percent cumulative preferred stock at par after obtaining authorization from the state. b. Issued 40.000 shares of common stock in connection with the conversion of bonds having a carrying value of $600,000. c. Declared and issued a 2 percent common stock dividend. The market value on the date of declaration was $14 per share. d. Purchased 10,000 shares of common stock for the treasury at a cost of $16 per share e. Earned net income of $460,000. f. Declared and paid the full-year's dividend on preferred stock and a dividend of $0.40 per share on common stock outstanding at the end of the year. g. Had foreign currency translation adjustment of negative $100,000