The Weldon Corporation stockholders' equity consisted of the following on January 1, 2010: $ 2,000,000 Stockholders' Equity Paid-in capital Capital stock 6% Preferred stock, $100 par value, cumulative, 50,000 shares authorized, 20,000 shares issued and outstanding Common stock, no par, $10 stated value, 1,000,000 shares authorized, 400,000 shares issued and outstanding Total capital stock Additional paid-in capital In excess of par value-preferred In excess of stated value-common Total paid-in capital Retained earnings (Note A) Total stockholders' equity 10,000,000 12,000,000 $200,000 600,000 800,000 12,800,000 4,100,000 $16.900.000 Note A: Preferred dividends are in arrears for 2009. Instructions Prepare the appropriate journal entries, if any, for the following transactions in 2010. You may omit journal entry explanations but you should show computations. 1. 1/25/10 Issued 50,000 shares of common stock for $32 per share. 2. 2/18/10 The Board of Directors declared a cash dividend on preferred and common stock totaling $300,000, payable on March 15, to stockholders of record on February 28, (Record dividends payable on preferred and common stock in separate accounts.) 3. 2/28/10 Date of record for cash dividends on preferred and common stock. 4. 3/15/10 Paid the cash dividend to preferred and common stockholders. 5. 5/20/10 Declared a 10% stock dividend on the common stock, payable on June 15, to stockholders of record on May 31. The market value of Weldon Corporation's common stock was $36 per share. 6. 6/15/10 Distributed stock dividend to common stockholders. 7. 7/10/10 Purchased 50,000 shares of common stock for the treasury at $37 per share