Reference no: EM132919879
Question - On January 5, 2020, Blue Corporation received a charter granting the right to issue 4,900 shares of $100 par value, 9% cumulative and nonparticipating preferred stock, and 50,200 shares of $10 par value common stock. It then completed these transactions.
Jan. 11 Issued 20,400 shares of common stock at $15 per share.
Feb. 1 Issued to Sanchez Corp. 4,300 shares of preferred stock for the following assets: equipment with a fair value of $45,800; a factory building with a fair value of $175,000; and land with an appraised value of $260,000.
July 29 Purchased 1,700 shares of common stock at $19 per share. (Use cost method.) Aug. 10 Sold the 1,700 treasury shares at $14 per share.
Dec. 31 Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31 Closed the Income Summary account. There was a $192,300 net income.
Required - Prepare the stockholders' equity section of Blue Corporation's balance sheet as of December 31, 2020.
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