The stockholders equity section of Benton Corporations balance sheet as of December 31, 2012 is as follows:

Stockholders Equity

Common stock, $5 par value; authorized, 2,000,000 shares:

issued , 400,000 shares......................................................................................................................$ 2,000,000

Pain in capital in excess of par...........................................................................................................850,000

Retained earnings.................................................................................................................................3,000,000

$5,850,000

The following event occurred during 2013:

1. Jan 5: 20,000 shares of authorized and unissued common stock were sold $8 per share

2. Jan 16: Declared a cash dividend of 20 cents per share, payable February 15 to stockholders of record on February 5.

3. Feb 10: 30,000 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 stock 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.

Instructions: Enter the above events into the following work sheet showing how each event affects the column. Event No. 1 will serve as an example.

Item No. of shares issued Total par value Paid in capital excess of par Retained earnings

Beg. Balance 1/1/13 400,000 $2,000,000 $850,000 $3,000,000

Event #1 Jan 5 20,000 100,000 60,000 -0-

Balance 420,000 $2,100,000 $910,000 $3,000,000

Event # 2 Jan 16

(and events 3 through 7)