Reference no: EM131744337

Question: Stockholders' equit section of Cuppie's stockholders' equity section of the balance sheet at December 31, 2017

Common stock,                                       $2

par value,                                         10,000,000

shares authorized:                               1,400,000

shares issues and outstanding              $2,800,000

Additional paid-in capital                       3,120,000

Retained Earnings                                7,300,000

Total stockholders' equity                  $13,200,000

During 2017, the following events occurred:

-Authorized to sell 100,000 shares of $100 par, 8% preferred stock

-Sold 15,000 shares of the preferred stock at its par value

- Cash dividend of $120,000 was paid to the preferred stockholders

- Declared and issued a 10% stock dividend on the common stock when the market value of the stock was $13.00 per share.

- Net income for the year was $2,840,000

Answer the following questions:

1. What was preferred stock, as of December 31, 2018?

2. What was the number of shares authorized?

3. What was the number of shares issued and outstanding?

4. What was common stock, as of December 31, 2018?

5. What was the number of shares authorized?

6. What was the number of shares issued and outstanding?

7. What was the total amount of cash dividend?

8. What was the debit to stock dividends account?

9. What was the additional paid-in captial, at Decemeber 31, 2018?

10. What was retained earnings, at January 1, 2018?

11. What was retained earnings, at December 31, 2018?

12. Total Stockholders' Equity, at December 31,2018?

Please be very detailed and explain how you get your answers.