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10. Following is the stockholders' equity section of Lewis Corporation's balance sheet on December 31, 2015. STOCKHOLDERS' EQUITY Contributed capital: Preferred stock, 9%, $100 par

10. Following is the stockholders' equity section of Lewis Corporation's balance sheet on December 31, 2015.

STOCKHOLDERS' EQUITY

Contributed capital:

Preferred stock, 9%, $100 par (8,000 shares authorized, 4,000 shares

issued and outstanding)

$ 400,000

Common stock, $5 par (50,000 shares authorized, 30,000 shares issued and outstanding)

150,000

Common stock subscribed, $5 par (3,000 shares at a subscription price

of $34 per share)

15,000

Additional paid-in capital on preferred stock

64,000

Additional paid-in capital on common stock

350,000

Total contributed capital

$ 979,000

Retained earnings

440,000

Total contributed capital and retained earnings

$1,419,000

Less: Treasury stock (500 shares of common at $22 per share)

(11,000)

Total stockholders' equity

$1,408,000

During 2016, the following transactions occurred:

2,000 shares of common stock were issued for cash at $25 per share.

750 shares of preferred stock were issued for cash at $124 per share.

400 shares of treasury stock were reissued for cash at $25 per share.

The final payments on the subscribed common stock were received, and 3,000 shares of common stock were issued.

On July 1, 2016, Lewis purchased equity securities for $50,000 and classified them as available for sale. The fair value of these securities was $60,000 on December 31, 2016.

Net income for 2016 was $228,000 and total dividends paid were $81,000.

Required: Prepare in good form a statement of changes in stockholders' equity for Lewis Corporation for the year ended December 31, 2016.

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