The stockholders' equity of Sougiannis Company at December 31, 2008, follows:

The following transactions, among others, occurred during the following year:

\section*{Required}

a. Use the financial statement effects template to indicate the effects from each of these transactions.

b. Prepare the December 31,2009 , stockholders' equity section of the balance sheet assuming that the company reports 2009 net income of \(\$ 83,000\).

Transcribed Image Text:

7% Preferred stock, $100 par value, 20,000 shares authorized; 5,000 shares issued and outstanding...... $ 500.000 Common stock, $15 par value, 100,000 shares authorized; 40,000 shares issued and outstanding.... 600,000 Paid-in capital in excess of par value-preferred stock. 24,000 Paid-in capital in excess of par value-common stock. 360,000 Retained earnings. 325,000 Total stockholders' equity $1,809,000