Reference no: EM131766120
Exercise - Prepare the stockholders equity section
Finishing Touches has two classes of stock authorized 9%. 510 par preferred and $1 par value common. The following transactions affect stockholders' equity during 2015, its first year of operations
January 2 Issues 100,000 shares of common stock for $16 per share.
February 6 Issues 1,100 shares of 9% preferred stock for $11 per share
September 10 Repurchases 11,000 shares of its own common stock for $21 per share.
December 15 Reissues 5,500 shares of treasury stock at $26 per share.
In as first year of operations. Finishing Touches has net income of $141.000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $990 on all preferred shares outstanding.
Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2015.
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