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At the beginning of the year (January 1), Cowpoke Drilling has $11,000 of common stock outstanding and retained earnings of $6,300. During the year,
At the beginning of the year (January 1), Cowpoke Drilling has $11,000 of common stock outstanding and retained earnings of $6,300. During the year, Cowpoke reports net income of $6,600 and pays dividends of $1,300. In addition, Cowpoke issues additional common stock for $6,100. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). Note: Negative amounts should be indicated by a minus sign. Beginning balance COWPOKE DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Ending balance $ 0 $ 0 $ 0
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