After looking into debt financing through notes, n 2028 View the transactions. Read the requirements nmon stock at a premium. Jan 10: Issued 10,000 shares of 8%, $20 par value preferred stock in exchange for land with a fair value of $300,000. Date counts and Debit Credit Jan. 10 Land 300,000 Paid-In Capital in Excess of Par-Preferred 100,000 Preferred Stock-$20 Par Value 200,000 n exchange for land. Dec. 15: Declared total cash dividends of $50,00 Date Accounts and Explanation Debit Credit Dec. 15 Cash Dividends 50.000 Dividends Payable-Preferred 12,000 Dividends Payable-Common 38,000 Declared a cash dividend. Dec. 20: Declared a 10% common stock dividend when the market value of the stock was $14.00 per share. Date Debit Credit Dec. 20 Stock Dividends 280,000 Common Stock Dividend Distributable 200,000 Paid-In Capital in Excess of Par-Common 80.090 Declared a 10% stock dividend. Dec. 31: Paid the cash dividends. Date Accounts and Explanation Debit Credit Dec. 31 Dividends Payable-Cor 38.090 Dividends Payable-Preferred 12,000 Cash 50.000 Journal Entries - X Date Accounts and Explanation Debit Credit Dec. 31: Distributed the stock dividend. Jan. 1 Cash 240,000 Date Accounts and Explanation Debit Credit Common Stock-$10 Par Value 200,000 Dec. 31 Common Stock Dividend Distributable 200,000 Paid-In Capital in Excess of Par-Commo 40.000 Common Stock-$10 Par Value 200,000 common stock at par. Jan. 10 Land 300,000 Preferred Stock-$20 Par Value 200,000 sued 10% stock dividend. Paid-In Capital in Excess of Par-Preferred 100,000 Requirement 2. Calculate the balance in Retained Earnings on December 31, 2028. Assume the balance on January 1. 2028 was $8.500 and net income for the year was $406,000. d preferred stock in exchange for land. Complete the table below to calculate the balance in Retained Earnings on December 31, 2028. Dec. 15 Cash Dividends 50,000 tained Earnings, Jan. 1, 2028 6.500 Dividends Payable- 12,000 Dividends Payable-Common 38,000 Net income 406,000 Less: Stock dividends decla (280,000) Declared a cash dividend. Cash dividends declared (50,000) Dec. 20 Stock Dividends 280,000 82.500 Common Stock Dividend Distributable ined Earnings, Dec. 31, 2028 200,000 Paid-In Capital in Excess of Par-Common 80.090 Requirement 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2028. There was no preferred stock issued prior to the 2028 transactions. Declared a 10% stock dividend. Review the journal entries from Requirement 1. Wonder Wilderness Company Dec. 31 Dividends Payable-Preferred 12,000 Balance Sheet (Partial) Dividends Payable-Common 38.000 Cash 50.00 December 31, 2028 Payment of cash dividend. Paid-In Capital: Dec. 31 Common Stock Dividend Distributable 200,000 Common Stock-$10 Par Value 200,000 sued 10% stock dividend. Print Done Total Paid-In Capital Total Stockholders' Equity