Titanic Corporabion's net income for the year is $450,000, On lune 30, a $0.50 per-share cash dividend was declared for all common stockholders. Common stock in the arnount of 37,000 shares was outstanding ot the time, The market price of Titanic's stock at year end is $17 per share. Titanic had a $1,200,000 credit balance in retained earnings at the beginn of the vear Assume that in July 31, Titanic discovered that prior vear's depreciation was overstated by $80,000. Required: Prepare Titanic's retained earnings statement, assuming the prior year tax rate was 71%. Stahl Company was incorporated as a new business in January. The compuny is authoruted to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, $20 par value, cumulative preferred stock. In lebruary, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the veur ended December 31 was $500,000. Requiredi What is the amount of stahlis total contributed capial at Dectenber 31? Issuing and Repurchasing Stock Redbird, Inc, had the following transactions related to its common and preferred stock: March 22 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. November 9 Repurchased 3,840 shares of the common stock at $20 per share. Required: Frite Inc had no treasury stock at the beginring of the year. During february, Fitz purchased 14,400 shares of treasury stock at $22 per share. In May, fritz sold 4,800 of the treasury shares for $24 per share. In Norvember, Fritr sold the remsinung treasury shures for $17 per sture. Required: Prepare journal entries for the february, May, and November treasury stock tramactons. If an amount box does not require an entry, leave it blank