On January 1, 2006, Gerlach Inc. had the following account balances in its shareholders' equity accounts

Common stock, $1 par, 250,000 shares issued ......................250,000 Paid-in capital excess of par, common ..................................500,000 Preferred stock, $100 par, 10,000 shares outstanding ........1,000,000 Paid-in capital excess of par, preferred .................................100,000 Retained earnings ...............................................................2,000,000 Treasury stock, at cost, 5,000 shares .......................................25,000

1. During 2006, Gerlach Inc. had several transactions relating to common stock.

January 15: Declared a property dividend of 100,000 shares of Slow Company, which were previously held by Fast Company as an investment on its books. (Book value, $10 per share, market value $9 per share).

2. February 17: Distributed the property dividend (from Jan 15) to the stockholders.

3. April 10: A 2i for 1 stock split was declared on outstanding common stock and affected in the form of a stock dividend. The market value of the stock was $4 on this date

4. July 18: Declared and distributed a 3% stock dividend on outstanding common stock of Fast when the market value per share was $5.

5. December 1: Declared fifty cents per share cash dividend on the outstanding common shares.

6. December 20: Paid the cash dividend.