Use the statement of stockholders' equity in Exhibit 10-8 to answer the following questions:

Exhibit 10-8:

1. Make journal entries to record the declaration and payment of cash dividends during 2016.

2. How much cash did the issuance of common stock bring in during 2016?

3. What was the cost of the treasury stock purchased during 2016? What was the cost of the treasury stock sold during the year? For how much was the treasury stock sold during 2016?

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Example Company Statement of Stookholdere' Equity Year Ended December 31, 2016 Total Stockholders" Equity Additional Common Stock Paid-in Capital Retained Earnings Treacury Stook Balance, December 31, 2015 Issuance of Stock Net Income $120,000 $(25,000) $160,000 $445,000 $190,000 66,000 (40,000) (41,000) 66,000 (40,000) Cash Dividends Stock Dividends Purchase of Treasury Stock Sale of Treasury Stock Balance, December 31, 2016 13,000 28,000 (18,000) (18,000) 10,000 9,000 $(34,000) 19,000 $582,000 $318,000 $145,000 $153.000