Tamarisk 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, 44,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity $250,000 440,000 110,000 800,000 447,000 $1,247,000 Recora the following transactions wnich occurrea consecutively. (Creair account cities are automatically inaendea wnen amount is enrerea. Do nor ingent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) 1. 2. 3. 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 $21 a share. Assume that net income for the year was $135,000 (record the closing entry) and the board of directors appropriated $67,000 of retained earnings for plant expansion. No. Account Titles and Explanation Debit Credit (To record the closing entries.) (To record appropriated retained earnings.) TAMARISK CORPORATION Balance Sheet (Partial) $ $ Click if you would like to Show Work for this question: Open Show Work