The following year 6 transactions and other information relate to the stockholders' equity accounts: - Field had 400,000 authorized shares of $5 par common stock, of which 160,000 shares were issued and outstanding. - On March 5, year 6, Field acquired 5,000 shares of its common stock for $10 per share to hold as treasury stock. The shares were originally issued at $15 per share. Field uses the cost method to account for treasury stock. Treasury stock is permitted in Field's state of incorporation. - On July 15, year 6, Field declared and distributed a property dividend of inventory. The inventory had a $75,000 carrying value and a $60,000 fair market value. - On January 2, year 1, Field granted stock options to employees to purchase 20,000 shares of Field's common stock at $18 per share, which was the market price on that date. The options may be exercised within a three-year period beginning January 2 , year 6. The measurement date is the same as the grant date. On October 1, year 6, employees exercised all 20,000 options when the market value of the stock was $25 per share. Field issued new shares to settle the transaction. The stock options were accounted for in accordance with the intrinsic value method, which was in effect at the time. - Field's net income for year 6 was $240,000. 1. Complete the following schedules for retained eamings and for the stockholders' equity section of the balance sheet for Field Company 2. Prepare joumal entries for the following transactions in year 6 . Treasury stock purchased on March 5 , year 6 Declaration and distribution of a property dividend on July 15 , year 6 Issue of common stock on October 1, year 6 Field Company STATEMENT OF RETAINED EARNINGS For the Year Ending December 31, Year 6 Field Company STOCKHOI.DERS" EQUTTY SECTION OF BAI.ANCE SHEIET December 31 , Year 6 **Please provide detail Explanation**