1. The stockholders' equity section of Benton Corporation's balance sheet as of December 31, 20x8 is as follows:
Common stock $1 par value, 400,000 shares authorized,
250,000 shares issued and outstanding $250,000
Paid-in capital common stock 600,000
5% Preferred stock, $50 par value, 20,000 shares
authorized, 10,000 shares issued and outstanding 500,000
Retained earnings 1,000,000
During 20x8, Benton Corporation had several transactions relating to common stock.
January 15: Declared a property dividend of 200,000 shares of Foley Corporation (book value $5 per share, market value $3 per share).
February 10: Distributed the property dividend.
March 1: A 2-for-1 stock split was declared and issued on the outstanding common stock and affected in the form of a stock dividend. The market value of the common stock on this date was $15 per share.
April 1: A 5% stock dividend was declared and issued on outstanding common stock when the market value per share is $12.
October 5: 10,000 shares of Benton's common stock were sold on a subscription basis for $6 per share. A 30% down payment was received on this date.
November 1: Assume the subscriber from October 5 defaulted and Benton Corporation issued a proportionate amount of shares to the defaulting subscriber based on the monies paid by the subscriber.
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