The quick chips company a fast food manufacturer began

Reference no: EM13607401

The Quick chips company, a fast food manufacturer, began operations in January 2007. It issued 50,000 shares of $.25 par value common stock. The stock sold for $20 per share. There are 600,000 shares authorized. In 2009 the company repurchased 15,000 shares of stock at a cost of $26 per share. Quick Chips' net income and cash dividend payments have been as follows:

Year Net Income Dividends
2007    (100,000)    0
2008    250,000       75,000
2009    400,000       150,000

Draft the stockholder's equity section of Quick Chip's balance sheet for the years ended December 31, 2008 and 2009.

Reference no: EM13607401

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