The following transactions, among others, occurred during the year: Apr. 1 Declared a 100 percent stock dividend on all outstanding shares of common stock. The market value of the stock was $11 per share. 15 Issued the stock divicend declared on April 1. Dec. 7 Declared a 3 percent stock dividend on all outstanding shares of cornmon stock. The market value of the stock was $14 per share. 17 Issued the stack dividend declared on December 7 20 Declared the annual cash dividend on the preferred scock and a cash dividend of 80 cents per common share, payable an January 15 to common stockhalders of record on December 31. Required a. Prepare journal entries to record the foregoing transactions. b. Prepare a statement of retained earnings. Net income for the year is $253,000. Do not use negative signs with your answers. Retained Earnings: Transactions and Statement The stockholders' equity of Elson Corporation at January 1 is shown below: The following transactions, among others, occurred during the year: Apr. 1 Declared a 100 percent stock dividend on all outstanding shares of common stock. The market value of the stock was $11 per share. 15 Issued the stock dividend declared on April 1. Dec. 7 Declared a 3 percent stock dividend on all outstanding shares of common stock. The market value of the stock was $14 per share. 17 Issued the stock dividend declared on December 7. 20 Declared the annual cash dividend on the preferred stock and a cash dividend of 80 cents per common share, payable on January 15 to common stockholders of record on December 31