The stockholder's equity section of Doc Corporation's balance as of January 1, 2019 is presented below:

Paid-in Capital Preferred stock, 9%,$100 par value, non-cumulative,

10,000 shares authorized, 5,000 shares issued and outstanding............................................................ $ 500,000

Common stock, $10 par value, 500,000 shares Authorized, 90,000 shares issued and 90,000 shares outstanding............................................... 900,000

Paid in capital in excess of par- common stock....................... 200,000

Total Paid-in Capital $ 1,600,000 Retained earnings......................................................... 900,000

Total Stockholder's Equity $ 2,500,000

The following transactions affecting stockholder's equity occurred during the year:

Jan 15 Declared the annual cash dividend on the preferred stock, payable April 15.

Mar 1 Declared a $2 per share cash dividend on the common stock outstanding payable April 15.

Apr15 Paid the cash dividends declared on January 15 and March 1.

May 1 Issued 10,000 shares of common stock for $20 per share.

Oct 1 Declared and issued a 10% stock dividend on the common stock outstanding.

The market value of the common stock was $25.

Dec 31 Net Income for the year was $700,000. Closed the income summary account.

Dec 31 Close the dividend accounts.

Instructions: a. Prepare journal entries for the above . b. Post to the appropriate ledger accounts c. Prepare stockholder equity section for December 31, 2019