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The annual report for Malibu Beachwear reported the following transactions affecting stockholders equity:
a. Purchased $350,700 of common stock now held in treasury.
b. Declared cash dividends in the amount of $260,350.
c. Paid the dividends in (b).
d. Issued 107,000 new shares of $0.10 par value common shares for $2 per share.
e. Closed the Dividends account.
Prepare a statement of stockholders equity, assuming the following opening balances. Net income for the current year was $277,000.
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