Lemon Company Reported the Following Amounts on Its Balance Sheet

Lemon Company reported the following amounts on its balance sheet at January 1, 2017: $\begin{array} { l r } \text { Preferred stock, } \$ 10 \text { par, 5\%, 1,000 shares issued and outstanding } & \$ 10,000 \\\text { Common stock, } \$ 1 \text { par, 8,000 shares issued and outstanding } & 8,000 \\\text { Additional paid-in capital-common } & \underline { 52,000} \\\text { Total contributed capital } & \$ 70,000 \\\text { Retained earnings } & \underline { 22,000 } \\\text { Total stockholders' equity } & \underline { \$ 92,000 }\end{array}$
The following transactions occurred during 2017:

1.

Declared a 20% stock dividend on preferred stock on May 21, when the stock was selling at $15 per share. The stock dividend will be distributed on June 30, 2017.

2. Distributed the preferred stock dividend on June 30.

Show the effects of the transactions on the accounting equation and prepare the Stockholders' Equity section of Lemon's balance sheet at December 31, 2017.