Reference no: EM13874506
On January 1, 2010, the Powder Company listed the following stockholders equity section of its balance sheet:
Contributed Capital
Preferred stock, $100 par .............. $ 92,800
Common stock, $5 par ............... 37,400
Additional paid in capital on preferred stock ....... 21,500
Additional paid in capital on common stock ..... 58,700
Total contributed capital ............... $210,400
Retained Earnings ................ 185,700
Total Stockholders Equity ............ $396,100
During 2010, the following transactions and events occurred and were properly recorded:
1. The company issued 1,800 shares of common stock at $13 per share.
2. The company issued 340 shares of preferred stock at $130 per share.
3. The company earned net income of $38,950.
4. The company paid a $7 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of 2010.
Required:
Prepare a statement of changes in stockholders equity of the Powder Company for 2010. (Include retained earnings.)