The equity sections for Upperchurch Group at the beginning of the year (January 1) and end of the year (December 31) follow.

Stockholders Equity (January 1)

Common stock$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding $ 500,000 Paid-in capital in excess of par value, common stock 75,000 Retained earnings 410,000 Total stockholders equity $ 985,000 Stockholders Equity (December 31) Common stock$10 par value, 130,000 shares authorized, 55,520 shares issued, 4,000 shares in treasury $ 555,200 Paid-in capital in excess of par value, common stock 141,240 Retained earnings ($80,000 restricted by treasury stock) 740,000 1,436,440 Less cost of treasury stock (80,000 ) Total stockholders equity $ 1,356,440 The following transactions and events affected its equity during the year. Jan. 5 Declared a $1.80 per share cash dividend, payable on January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $1.80 per share cash dividend, payable on April 10. July 5 Declared a $1.80 per share cash dividend, payable on July 10. July 31 Declared a 12% stock dividend when the stocks market value was $22 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $1.80 per share cash dividend, date of record October 10.

Record Journal Entries, Cash Dividends and Stock Dividends.