Question 2 View Policies Current Attempt in Progress < Prev Foley Corporation has the following capital structure at the beginning of the year: 4% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding $300,000 Common stock, $10 par value, 60,000 shares authorized, 36,000 shares issued and outstanding 360,000 Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity 110,000 770,000 437,000 $1,207,000 (a) Record the following transactions which occurred consecutively. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts. 2. A 15% common stock dividend was declared. The average fair value of the common stock is $22 a share. --/1