Use the following statement of stockholders’ equity to answer the following questions about Flannery Corporation:

1. How much cash did the issuance of common stock bring in during 2018?

2. How much in dividends did Flannery declare during 2018?

3. What was the effect of the dividends on Flannery’s retained earnings? On total paid-in capital? On total stockholders’ equity? On total assets?

4. What was the cost of the treasury stock that Flannery purchased during 2018?

5. What was the cost of the treasury stock that Flannery sold during the year? For how much did Flannery sell the treasury stock during 2018?

6. How much was Flannery’s net income?

7. What is Flannery’s total stockholders’ equity as of December 31, 2018?

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A1 Flannery Corporation Statement of Stockholders' Equity For the Year Ended December 31, 2018 Total Additional Paid-in Capital Common Stock $2 Par $ 20,000 $ 17,000 $ 225,000 $ (28,000) 64,000 Retained Treasury Stockholders' Earnings Stock Equity $ 234,000 564,000 70,000 (27,000) (9,000) 9,500 $ 841,500 3 Balance, December 31, 2017 4 Issuance of stock 5 Net income 6 Cash dividends 7 Purchase of treasury stock 8 Sale of treasury stock 9 Balance, December 31, 2018 10 500,000 70,000 (27,000) (9,000) 8,500 $ (28,500) 1,000 $ 518,000 $ 84,000 $ 268,000