The stockholders' equity section of Benton Corporation's balance sheet as of December 31, 2014 is as follows: Stockholders' Equity Common stock, $5 par value: authorized, 2,000,000 shares; issued, 400,000 shares $2,000,000 Paid-in capital in excess of par 850 Retained earnings 3,000,000 $5, 850,000 The following events occurred during 2015: 1. Jan. 5 30,000 shares of authorized and unissued common stock were sold for $8 per share. 2. Jan. 16 Declared a cash dividend of 20 cents per share, payable February 15 to stock-holders of record on February 5. 3. Feb. 10 40,000 shares of authorized and unissued common stock were sold for $12 per share. 4. March 1 A 30% stock dividend was declared and issued. Fair value per share is currently $15. 5. April 1 A two-for-one split was carried out. The par value of the stock was to be reduced to $2.50 per share. Fair value on March 31 was $18 per share. 6. July 1 A 15% stock dividend was declared and issued. Fair value is currently $10 per share. 7. Aug. 1 A cash dividend of 20 cents per share was declared, payable September 1 to stockholders of record on August 21