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The stockholders' equity accounts of Bramble Corp. on January 1, 2022, were as follows. During 2022 , the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,500 shares of common stock for $27,000. Mar. 20 Purchased 900 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7\% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. During 2022 , the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,500 shares of common stock for $27,000. Mar. 20 Purchased 900 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7\% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Dec. 31 Determined that net income for the year was $254,000. Paid the dividend declared on December 1. Dec. 1 \begin{tabular}{|l|} \hline \hline Retained Earnings \\ \hline \hline \end{tabular} 112050 Dividends Payable 112050 Dec. 31 \begin{tabular}{||l||} \hline Dividends Payable \\ \hline \hline \end{tabular} \begin{tabular}{||c||} \hline 112050 \\ \hline \end{tabular} (To record net income) \begin{tabular}{ll||l||l||} \hline Dec. 31v & 254000 \\ \hline \end{tabular} \begin{tabular}{|l} \hline 254000 \\ \hline \hline \end{tabular} (To close cash dividends) \begin{tabular}{||l||} \hline Cash Dividends \\ \hline \hline \end{tabular} \begin{tabular}{|c} \hline 130950 \\ \hline \end{tabular} (To record payment of cash dividends payable)