Problem 5 (30 points) Sturdy, Inc. was incorporated on January 1, 20X2. The following events apply to the company's first year of operation. 1. Issued 5,000 shares of $2 par value common stock at a selling price of $22 per share. 2. Earned $75,000 cash revenue. 3. Incurred and paid $45,000 of cash expenses. 4. Declared a cash dividend of $0.50 per share. 5. Purchased 100 shares of its own common stock from the market at $25 per share. 6. Earned $40,000 revenue on account. 7. Incurred $25,000 of other operating expenses on account. 8. Distributed a 10 percent stock dividend when the market price of the stock was $50 per share. 9. Distributed a three-for-two stock split. 10. Paid the cash dividend declared in Event No. 4. 11. Sold 50 shares of Treasury stock to a broker at $70 per share. 12. Collected $30,000 cash from customers' outstanding accounts receivable. Record these transactions in the Problem 5 tab of the Week 4 Wednesday Night Assignment Workbook. If no transaction is necessary on a given date, enter N/A in Column B