Question: How do you find the cash dividends for this problem? Formal Footwear has the following beginning balances in its stockholders' equity accounts on January 1,

How do you find the cash dividends for this problem?

Formal Footwear has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $500,000; Additional Paid-in Capital, $8,200,000; and Retained Earnings, $2,400,000. Net income for the year ended December 3 2024 , is $900,000. Formal Footwear has the following transactions affecting stockholders' equity in 2024: May 18 Issues 10,000 additional shares of $5 par value common stock for $60 per share. July 1 Declares a cash dividend of $3 per share to all stockholders of record on July 15. July 31 Pays the cash dividend declared on July 1. Required: Taking into consideration all the entries described above, prepare the statement of stockholders' equity for the year ended Decemk 31, 2024, using the format provided. (Amounts to be deduced should be indicated with a minus sign.)

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