Woodford Corporation started business on January 1, 2015. The board of directors authorized the following classes of stock: 7% Cumulative preferred stock - $30 par value Authorized: 60,000 Common Stock - $1 par value Authorized: 250,000 The following transactions occurred during 2015: 1/1/15 Issued 116,000 shares of common stock at $12 per share. 3/2/15 Issued 22,000 shares of preferred stock at a market price of $30. The dividend is payable semiannually on 9/1 and 3/1 beginning 9/1/15 6/23/15 Purchased 8,000 shares of treasury stock at S8 per share 8/15/15 Declared a 5% stock dividend on common shares outstanding when the market value o the stock was $11 per share. 10/1/15 Purchased 14,000 shares of treasury stock at $10 per share. 12/31/15 Woodford Corporation recorded a net income o $624.800. The following transactions occurred during 2016: 1/20/16 Sold 9, 800 of treasury stock at a market price of $13. Woodford uses the FIFO method to account for treasury stock. 2/15/16 Woodford declared a dividend of $.52 per common share. 3/1/16 Woodford paid the previously declared dividend. 8/1/16 Purchased 6,000 shares of treasury stock at a market price of $11 per share 10/15/16 Issued 45,000 shares of common stock at a market price of $14 per share. 12/31/16 Woodford recorded a net loss of $375, 400 for fiscal year 2016. Required: l. Record the proper journal entries for each of the 2015 and 2016 transactions. 2. Determine the total dividend paid on 3/1/16. 3. Prepare in good form the shareholder's equity section of Woodford's 2015 and 2016 balance sheet. Your solution should be formatted as comparable balance sheets. 4. Compute the 2016 dividend yield ratio for Woodford Corporation. The Stock price for Woodford Corporation at fiscal year-end 2016 was $16 per share