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CoursHeroTranscribedText: Liyue Corporation was organized during 2018. At the end of 2019, the equity section of the balance sheet appeared as follows: Contributed capital: Preferred stock (5%, $15 par, 15,000 shares authorized, 8,000 shares issued and outstanding) $120,000 Common stock ($11 par, 36,000 shares authorized, 18,000 issued, 15,000 outstanding) 198,000 Paid-in capital in excess of par, preferred stock 28,000 Total Contributed Capital $346,000 Retained Earnings 244,000 Less treasury stock (3,000 shares at cost of $14 per share) (42.000) Total Shareholder's Equity $548,000 During 2020, the following chronological transactions occurred: . Issued 1,200 shares of common stock at $15 per share. . Reissued 1,600 shares of treasury stock at $20 per share. . Reissued 750 shares of treasury stock at $10 per share. . Reacquired 3,000 common stock at $15 Reissued 1,500 (pertaining to shares reacquired at $15) shares of treasury stock at $12 . Retired 500 shares in treasury (pertaining to shares reacquired at $15) . Declared a dividend large enough to meet the current-dividend preference of the preferred stock and to pay the common stockholders $4 per share. Dividends are recorded directly in the retained earnings account. . Closed net income of $170,000 to Retained Earnings

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