Taras Treasures is authorized to sell 250,000 shares of 5%, $100 PAR Value Preferred Stock and 1,500,000 shares of COMMON stock, $4 par.

The Stockholders Equity Section Dec 31^st 2019:

Preferred Stock 5%, $100 Par 250,000 shares Authorized,

100,000 Shares Issued $10,000,000

Common Stock, $4 Par, 1,500,000 Shares Authorized

500,000 Shares Issues & Outstanding $2,000,000

Paid in Capital in Excess of Par, Common $3,000,000

Retained Earnings $4,500,000

During 2020 Taras Treasures had the following transactions:

1. Jan 1, 2020: Tara declared the Preferred Dividend and a $2.50 Common Dividend, Date of Record Jan 15 and Payment Date Jan 30^th.
2. Jan 30^th: Paid the Dividend
3. Feb 1^st: Tara issued 50,000 shares of Common Stock for $10 per share.
4. Feb 15^th: Tara declares a 2 for 1 STOCK SPLIT for Common Stock
5. Mar 15^th: Tara DECLARES a 10% Common Stock Dividend, Record Date March 25^th, Payable April 1^st. The stock is valued at $12 per share.
6. April 1^st: Paid the Stock Dividend

Required:

1. Record entries a-f in the Journal and update the Stockholders Equity Balances
2. Prepare the Stockholders Equity Section at Dec 31^st 2020. Assume Tara reported Net Income of $750,000 for 2020.