The stockholders' equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 12,500 shares authorized) $750,000 Common Stock ($4 stated value. 750,000 shares authorized) 2.500,000 Paid-in Capital in Excess of Par Value--Preferred Stock 37,500 Paid-in Capital in Excess of Stated Value-Common Stock 1.200,000 Retained Earnings 1.720,000 Treasury Stock (12,500 common shares) 100,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct 1 Nov 1 Dec 1 Issued 12,500 shares of common stock for $75.000. Purchased 2.500 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 5700.000 Paid the dividend dedared on December 1 Dec 31 Date Account Titles and Explanation Debit Credit Feb. 1 Cash 75,000 Common Stock 50,000 Pald-in Capital in Excess of Stated Value-Common Stock 25.000 Mar. 20 Treasury Stock 17,500 Cash 17.500 Sct. 1 Cash Dividends 52,500 Dividends Payable 52,000 Jov. 1 Dividends Payable 52.500 Cash 52.000 Docs Cash Dividends 217500 Dividends Payable 317500 Dec. 31 Income Summary 700,000 700,000 Retained Earnings (To record net income) Retained Earnings Dec. 31 370000 Cash Dividends 370000 (To close cash dividends) Dividends Payable Dec. 31 317500 Cash 317500 Preferred Stock V Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock V Retained Earnings Cash Dividends Treasury Stock NOVAK CORP. Partial Balance Sheet December 31, 2017 sity $ 750.000 2,550,000 ock 3.500.000 Capital In Excess of Par Value-Preferred Stock 37.500 In Excess of Stated Value-Common Stock 1.225.000 1 Pald-in Capital 1.262 500 al in excess of Par Value-Preferred Stock 37,500 al in Excess of Stated Value-Common Stock 1,225,000 nal Pald-in Capital 1.262.500 Capital 4,562,500 nes apital and Retained Earnings Treasury Stock 117.500 ders' Equity