Develop the stockholders equity category of peelers balance

Reference no: EM13594616

Peeler company was incorporated A new business on January 1, 2010. The corporate charter approved on that date authorized the issuance of 1,000 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 10,000 shares of $5 par common stock. On January 10, Peeler issued for cash 500 shares of preferred stock at $120 per share and 4,000 shares of common stock at $80 per share. On January 20, it issued 1,000 shares of common stock to acquire a building site at a time when the stock was selling for $70 a share.
During 2010, Peeler established an employee benefit plan and acquired 500 shares of common stock at $60 per share as treasury stock for that purpose. Later in 2010, it resold 100 shares of the stock at $65 per share
On December 31, 2010, Peeler determined its net income for the year to be $40,000. The firm declared the annual cash dividend to preferred stockholders and a cash dividend to $5 per share to the common stockholders. The dividends will be payed in 2011.

Required:
Develop the Stockholder's Equity category of Peeler's balance sheet as of December 31,2010. Indicate on the statement the number of shares authorized,issued, and outstanding for both preferred and common stock.

Reference no: EM13594616

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