On January 1, 2016, Osgood Film Studios reported the following alphabetical list of shareholders’ equity items:
Additional paid-in capital on common stock.......... $170,000
Additional paid-in capital on preferred stock.......... 12,000
Common stock, $2 par.................. 80,000
Preferred stock, $100 par................. 60,000
Retained earnings................... 209,000
During 2016, the company sold 3,000 shares of common stock for $10 per share and 500 shares of preferred stock for $125 per share. It also earned income of $99,000 and paid dividends of $8 per share on the preferred stock and $1.50 per share on the common stock outstanding at the end of 2016.
Required:
Prepare Osgood’s statement of shareholders’ equity (include retained earnings) for 2016.