The stockholders equity accounts of Flounder Corp. on January 1, 2017, were as follows.

Preferred Stock (7%, $100 par noncumulative, 7,500 shares authorized)		$450,000
Common Stock ($4 stated value, 450,000 shares authorized)		1,500,000
Paid-in Capital in Excess of Par ValuePreferred Stock		22,500
Paid-in Capital in Excess of Stated ValueCommon Stock		720,000
Retained Earnings		1,032,000
Treasury Stock (7,500 common shares)		60,000

During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1		Issued 7,500 shares of common stock for $45,000.
Mar.	20		Purchased 1,500 additional shares of common treasury stock at $7 per share.
Oct.	1		Declared a 7% cash dividend on preferred stock, payable November 1.
Nov.	1		Paid the dividend declared on October 1.
Dec.	1		Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec.	31		Determined that net income for the year was $430,000. Paid the dividend declared on December 1.

Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts. (Post entries in the order of journal entries posted in the previous part.)

Prepare the stockholders equity section of the balance sheet at December 31, 2017.

Date Account Titles and Explanation Debit Credit Feb. 1 Cash 45000 Common Stock Paid-in Capital in Excess of Par Value-Common Stock Mar. 20 Treasury Stock Cash Oct. 1 Cash Dividends Dividends Payable Nov. 1 Dividends Payable Cash Dec. 31 Income Summary Retained Earnings (To record net income) Dec. 31 Retained Earnings Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable Cash Preferred Stock 1/1 Bal. Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends Treasury Stock FLOUNDER CORP. Partial Balance Sheet