The stockholders' equity section of Thomas Corporation's balance sheet at December 31, 2018, appears below:

Preferred Stock, 8%, $15 stated value, 50,000 shares authorized;

10,000 issued and outstanding 150,000

Paid-in capital in excess of stated value-preferred stock 30,000

Common stock, $10 par value, 400,000 shares authorized;

250,000 issued and outstanding 2,500,000

Paid-in capital in excess of par value-common stock 1,200,000

Retained earnings 600,000

During 2019, the following stock transactions occurred:

Jan. 18 Issued 50,000 shares of common stock at $30 per share.

Apr. 20 Purchased 20,000 shares of Thomas Corporation's common stock at $20 per share.

June 15 Issued 1,000 shares of preferred stock at $20 per share.

Oct. 1 Issued 5,000 shares of common stock for $75,000.

Oct. 1 Declared the preferred stock cash dividend and a $0.41 per share cash dividend to common stockholders of record on October 15.

Dec. 1 Paid both dividends declared on October 1.

Net Income for the year was $100,000.

Requirements:

1. Enter beginning balances in ledger accounts.
2. Prepare the journal entries to record the above transactions.
3. Post the entries to the ledger T-accounts. Add accounts as needed.
4. Calculate the updated Retained Earnings balance.

Prepare the 2019 stockholders' equity section of the Balance Sheet for Thomas Corporation.

B)

Retained Earnings #(a & c) Preferred Stock Paid-in capital in excess of Par Value - Preferred Stock Common Stock Paid-in capital in excess of Stated Value - Common Stock #b) Date Account Titles and Explanation | Debit Credit Page 2 of 3 Thomas Corporation Balance Sheet (partial) December 31, 2019 Stockholders' equity shares Preferred stock, %, $_ stated value, authorized, shares issued and Paid-In Capital in excess of stated value - preferred Common stock, $_par value, shares authorized, shares issued, and shares outstanding Paid-In Capital in excess of par value - common - Total - Treasury stock shares) Total Extra Credit: State one right of a common stockholder