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The stockholders' equity of Kinney Company at December 31, 2015, is shown below: 5% preferred stock, $100 par value, 10,000 shares authorized; 6,000 shares issued

The stockholders' equity of Kinney Company at December 31, 2015, is shown below:

5% preferred stock, $100 par value, 10,000 shares authorized;
6,000 shares issued and outstanding $600,000

Common stock, $4 par value, 200,000 shares authorized;

60,000 shares issued and outstanding 240,000

Paid-in capital in excess of par value-preferred stock

55,000

Paid-in capital in excess of par value-common stock 330,000
Retained earnings 629,000
Total stockholders' equity $1,854,000

The following transactions, among others, occurred during 2016.

Apr. 1 Declared and issued a 100% stock dividend on all outstanding shares of common stock. The market value of the stock was $13 per share.

Dec. 7 Declared and issued a 3% stock dividend on all outstanding shares of common stock. The market value of the stock was $16 per share.

Dec. 20 Declared and paid (1) the annual cash dividend on the preferred stock and (2) a cash dividend of 80 cents per common share.

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12/20 Retained earnings 0 Cash 0

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