The stockholders' equity accounts of Flounder Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 7,500 shares authorized) Common Stock ($4 stated value, 450,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (7,500 common shares) $450,000 1,500,000 22,500 720,000 1,032,000 60,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 20 Feb. Mar. Oct. Nov. 1 1 Issued 7,500 shares of common stock for $45,000. Purchased 1,500 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $430,000. Paid the dividend declared on December 1. Dec. 1 Dec. 31 Date Account Titles and Explanation Debit Credit Feb. 1 4 Cash 45000 Common Stock Paid-in Capital in Excess of Par Value-Common Stock Mar. 20 trea 10500 Cash 10500 Oct. 1 4 Cash Dividends Dividends Payable Nov. 1 Dividends Payable Cash Dec. 1 Cash Dividends Dividends Payable Dec. 31 Income Summary Retained Earnings (To record net income) Dec. 31 Retained Earnings 285000 Cash Dividends 285000 (To close cash dividends) Dec. 31 Dividends Payable Cash (To record payment of cash dividends payable) estion 5 of 5