The equity sections for Twinings Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$8 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 330,000 $ 790,000 Stockholders' Equity (December 31). Common stock-$8 par value, 120,000 shares authorized, 57,200 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($80,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $1.00 per share cash dividend, payable on January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $1.00 per share cash dividend, payable on April 10. July 5 Declared a $1.00 per share cash dividend, payable on July 10. July 31 Declared a 16% stock dividend when the stock's market value was $18 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a $1.00 per share cash dividend, date of record October 10. $ 457 132 590 1,179 (80) $ 1,099