Reference no: EM132258432
Question - Sheffield Company has two classes of capital stock outstanding: 9%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders' equity.
Preferred Stock, 143,500 shares - $2,870,000
Common Stock, 1,954,000 shares - 9,820,000
Paid-in Capital in Excess of Par - Preferred Stock - 190,000
Paid-in Capital in Excess of Par - Common Stock - 26,634,000
Retained Earnings - 4,464,000
The Following transactions affected stockholders' Equity during 2018.
Jan. 1 - 28,500 shares of preferred stock issued at $23 per share.
Feb. 1 - 52,800 shares of common stock issued at $19 per share.
June 1 - 2-for-1 stock split (par value reduced to $2.50).
July 1 - 29,100 shares of common treasury stock purchased at $10 per share. Sheffield uses the cost method.
Sept. 15 - 9,800 shares of treasury stock reissued at $12 per share.
Dec. 31 - The preferred dividend is declared, and a common dividend of 47¢ per share is declared.
Dec. 31 - Net income is $2,061,000.
Required - Prepare the stockholders' equity section for Sheffield Company at December 31, 2018.
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