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Prepare the stockholders equity section of the December

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Question - Grayson Company had the following transactions during 2005, its first year in business:

January 4 Issued 12000 shares of $5 par common stock for $11 per share.

April 6 Issued 10000 shares of $86 par preferred stock for $128 per share.

October 5 Purchased 580 shares of treasury stock for $32 per share.

December 11 Reissued 310 shares of treasury stock for $53 per share.

In addition, Grayson Company had $470000 of net income for the year and, during the year, declared and distributed a cash dividend of $83400.

Prepare the stockholders' equity section of the December 31, 2005 balance sheet.

Reference no: EM132599614

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