The stockholders' equity section of Light Corporation's balance sheet at January 1 follows:

The following transactions affecting stockholders' equity occurred during the year:

Jan. 8 Issued 30,000 shares of previously unissued common stock for \(\$ 23\) cash per share.

Mar. 12 Sold all of the treasury shares for \(\$ 29\) cash per share.

June 30 Declared a six percent stock dividend on all outstanding shares of common stock. 

The market value of the stock was \(\$ 35\) per share.

July 10 Issued the stock dividend declared on June 30.

Oct. 7 Acquired 2,000 shares of common stock as treasury stock at \(\$ 28\) cash per share.

Dec. 18 Declared a cash dividend of \(\$ 1.20\) per outstanding common share, payable on 

January 9 to stockholders of record on December 31.

Required

a. Prepare journal entries to record the foregoing transactions.

b. Prepare a statement of stockholders' equity. Net income for the year is \(\$ 200,000\).

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Common stock, $10 par value, 200,000 shares authorized, 35,000 shares issued, 4,000 shares are in the treasury... Additional paid-in capital In excess of par value... From treasury stock. Retained earnings Less: Treasury stock (4,000 shares) at cost.. Total Stockholders' Equity.... $350,000 $315,000 18,000 333,000 298,000 981,000 84,000 $897,000