The stockholders equity section of the balance sheet of Frederick Mining Company is as follows:

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 CompanyEquity Section of Balance Sheet as of January 1, 2016Common stock, $10 par value, 200,000 shares authorized120,000 shares issuedPaid-in capital in excess of par valueRetained earningsTotal equity1,200,0003,711,2504,651,2559,562,505Create 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 e1/28/2016 Frederick Mining enters into a loan-modification agreement with the bank, agreeing to appropriate $500,000 of r2/15/2016 Frederick Mining board of directors declares a $1.50-per-share dividend payable on 3/31/2016 to shareholders of3/31/2016 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 record8/15/2016 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 purchased12/31/2016 Frederick Mining had the following income and expense account balance as of 12/31/2016. Close out income.DebitSales revenueCost of goods soldAdministrative salary expenseOffice expenseDepreciation expenseTransportation expenseInterest expense4,752,600436,500118,56012,00018,40082,80012/31/2016 Close out dividends.Journal EntriesDebitFrederick Mining CompanyEquity Section of Balance Sheet as of December 31, 2016mpany is as follows:016. Scroll down past the journal entry section to see the heading for this.greeing to appropriate $500,000 of retained earnings to loan repayment.ble on 3/31/2016 to shareholders of record as of 3/15/2016. Frederick uses a dividends account to record dividends declared.8/15/2016 to shareholders of record as of 8/1/2016. The market value of the stock is $49 immediately prior to the declaration.et for $52 per share. The purchased shares are not retired but are held in treasury.of 12/31/2016. Close out income.Credit6,890,000Creditidends declared.o the declaration.Prepare journal entries for the following treasury stock transactions. Assume that all three happen in order when preparin2/15/20156/6/20158/30/2015Purchased 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.DateAccountDebithree happen in order when preparing each entry.Credit