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At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $8,100. During the year, Buffalo
At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $8,100. During the year, Buffalo reports net income of $8,400 and pays dividends of $3,100. In addition, Buffalo issues additional common stock for $7,900.
a)Prepare the statement of stockholders' equity at the end of the year (December 31).
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