Reference no: EM13793235
The following information is from the accounts of Rockefeller, Inc. at
December 31, 2013.
Common Stock, $1 par value, 500,000 shares authorized, $400,000
Paid-in Capital in Excess of Par Value--Common Stock 650,000
Preferred Stock, $100 par value, 8%, 10,000 shares
authorized 200,000
Retained Earnings at January 1, 2013 600,000
Treasury Stock (10,000 common shares) 85,000
Paid-in Capital in Excess of Par Value--Preferred Stock 310,000
Cash dividends declared on preferred stock 80,000
Prior period adjustment that was recorded as a debit to
Retained Earnings for an error discovered from 2010………… 30,000
Net income for 2013 750,000
INSTRUCTIONS
a. Prepare a statement of retained earnings at December 31, 2013.
b. Prepare the stockholders' equity section at December 31, 2013.
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