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Parker Corporation has the following capital structure at beginning of the year: 5% Preferred stock, $100 par value, 20,000 shares authorized, outstanding 15,000 shares issued and Common stock, $10 par value, 200,000 shares Authorized 140,000 shares issued and outstanding Paid in capital in excess of par – Common Total paid in capital Retained earnings Total stockholders ‘ equity INSTRUCTIONS at the $1,500,000; 1,400,000; 300,000; 3,200,000; 1,000,000; and $4,200,000 (a) Record the following transactions which occurred consecutively Assume that net income for the year was $700,000. Jan 15: A total cash dividend of $400,000 was declared and payable to Stockholder’s of record. June 1 A 10% common stock dividend was declared. Value of the common stock is $16 a share. The average market Sept 10: 20,000 shares of common were issued for $18 per share Nov 1: 1000 shares of common were repurchased for future use at $19 per share Dec 1, 200 shares of the treasury stock was reissued at $20 per share (b) Construct the stockholders ‘ equity section incorporating all the above information.

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