There are two problems this week covering the equity section of the balance

There are two problems this week covering the equity section of the balance sheet.
Click the tab at the bottom of the screen when you are ready for problem 2.

The stockholders equity section of the balance sheet of Frederick Mining Company is as follows:
Frederick Mining Company
Equity Section of Balance Sheet as of January 1, 2016
Common stock, $10 par value, 200,000 shares authorized
120,000 shares issued
Paid-in capital in excess of par value
Retained earnings
Total equity

1,200,000
3,711,250
4,651,255
9,562,505

Create a journal entry (if needed) for each of the following items.
Prepare an updated equity section of the balance sheet as of December 31, 2016. Scroll down past the journal entry section to see the heading for this.

1/28/2016 Frederick Mining enters into a loan-modification agreement with the bank, agreeing to appropriate $500,000 of retained earnings to loan repayment.
2/15/2016 Frederick Mining board of directors declares a $1.50-per-share dividend payable on 3/31/2016 to shareholders of record as of 3/15/2016. Frederick uses a dividends
3/31/2016 Cash dividend declared on 2/15/2016 is paid.
7/22/2016 Frederick Mining board of directors declares a 10% stock dividend to be paid 8/15/2016 to shareholders of record as of 8/1/2016. The market value of the stock is $4
8/15/2016 Stock dividend declared on 7/22/16 is paid.
9/18/2016 Frederick Mining buys back 5,000 shares of company stock on the open market for $52 per share. The purchased shares are not retired but are held in treasury.
12/31/2016 Frederick Mining had the following income and expense account balance as of 12/31/2016. Close out income.
Debit
Sales revenue
Cost of goods sold
Administrative salary expense
Office expense
Depreciation expense
Transportation expense
Interest expense

Credit
6,890,000

4,752,600
436,500
118,560
12,000
18,400
82,800

12/31/2016 Close out dividends.
Journal Entries

Frederick Mining Company
Equity Section of Balance Sheet as of December 31, 2016

Debit

Credit

dividends account to record dividends declared.

tock is $49 immediately prior to the declaration.

ury.

Prepare journal entries for the following treasury stock transactions. Assume that all three happen in order when preparing each entry.
2/15/2015
6/6/2015
8/30/2015

Purchased 48,000 shares for cash at $13.50 per share.
Sold 12,500 treasury shares for cash at $16.00 per share.
Sold 9,500 treasury shares for cash at $12.00 per share.

Instructions: Prepare journal entries for the above transactions.

Date

Account

Debit

Credit