Problem 14-04A (Video) Your answer is partially correct. Try again. On January 1, 2020, Sandhill Inc. had the following stockholders' equity balances. Common Stock (550,000 shares issued) $1,100,000 Paid-in Capital in Excess of Par Common Stock 510,000 Common Stock Dividends Distributable 140,000 Retained Earnings 580,000 During 2020, the following transactions and events occurred. 1. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 34,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $115,000. 5. Sold 7,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $340,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the numbe Sandhill Inc. Stockholders' Equity Statement For the Year Ending December 31, 2020 Stockholders' Equity Statement For the Year Ending December 31, 2020 Paid in Capital in Common Excess of Common Par - Dividends Stock Common Stock Distributable Stock Treasury Stock Retained Earnings Total Balances, Jan. 1 1,100,000 510,000 140,000 80,000 1,830,000 Issued 70,000 share for stock dividend 140,000 140,000 ODDI Issued 35,000 shares for cash 140,000 140,000 Purchased 34,000 shares of treasury stock 170,000 170,000 Declared cash dividend (115,000) (115,000) (35,000) Sold 7,000 shares of treasury stock (35,000) Net income for year 340,000 340,000 25,000 650,000 1,240,000 420,000 135,000 Balances, Dec. 31 2,470,000