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Point 1: Flag Publications was organized early in 1997 with authorization to issue 5,000 shares of $100 par value preferred stock and 1 million shares of $2 par value common stock. All of the preferred stock was issued at par, and 200,000 shares of common stock were sold for $16 per share. The preferred stock pays a 10% cumulative dividend as is callable at $110.
Point 2: During the first five years of operations (1997 through 2001) the corporation earned a total of $3,200,000 and paid dividends of $1 per share each year on the common stock. In 2002, however, the corporation reported a net lossof $1,300,000 and paid no dividends.
Required:
Question 1: Prepare the stockholder's equity section of the balance sheet at December 31, 2002.
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