Ayayai Company reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet Preferred stock, 10 , $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (93,000 shares authorized, 18,600 shares issued) 93,000 Additional paid in capital 130,000 Retained earnings 467,000 Total $870,000 During 2017, Ayayai took part in the following transactions concerning stockholders equity 1 Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock These dividends had been declared on December 31, 2016 2 Purchased 1,500 shares of its own outstanding common stock for $41 per share Ayayai uses the cost method 3 Reissued 800 treasury shares for land valued at $35,600 4 Issued 550 shares of preferred stock at $104 per share 5 Declared a 10 stock dividend on the outstanding common stock when the stock is selling for $46 per share 6 Issued the stock dividend 7 Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock These dividends are payable in 2018 No Account Titles and Explanation Debit Credit 1 Dividends Payable Common Stock 37200 Dividends Payable Preferred Stock 18000 Cash 55200 2 Treasury Stock 61500 Cash 61500 3 Land 35600 Treasury Stock 32800 Paid in Capital from Treasury Stock 2800 4 Cash 57200 Preferred Stock 55000 Paid in Capital in Excess of Par Preferred Stock 2200 Retained Earnings 82340 Common Stock Dividend Distributable 8950 Paid in Capital in Excess of Par Common Stock 73390 6 Common Stock Dividend Distributable 8950 Common Stock 8950 7 Retained Earnings 62880 Dividends Payable Preferred Stock 23500 Dividends Payable Common Stock 39380 Prepare the December 31, 2017, stockholders' equity section Assume 2017 net income was $327,000 AYAYAI COMMPANY Stockholders Equity December 31, 2017 Capital Stock Preferred Stock 235000 Common Stock 101950 Total Capital Stoc 336950 Additional Paid in Capital 208390 Total Paid in Capital 208390 Retained Earnings 321780 Total Paid in Capital and Retained Earnings 530170 Less 28700 Treasury Stock Total Stockholders' Equity 808500

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Ayayai Company reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares

Ayayai Company reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet.

Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued)		$180,000
Common stock, $5 par (93,000 shares authorized, 18,600 shares issued)		93,000
Additional paid-in capital		130,000
Retained earnings		467,000
Total		$870,000

During 2017, Ayayai took part in the following transactions concerning stockholders equity.

1.		Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016.
2.		Purchased 1,500 shares of its own outstanding common stock for $41 per share. Ayayai uses the cost method.
3.		Reissued 800 treasury shares for land valued at $35,600.
4.		Issued 550 shares of preferred stock at $104 per share.
5.		Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share.
6.		Issued the stock dividend.
7.		Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018.

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No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Common Stock 37200 Dividends Payable Preferred Stock 18000 Cash 55200 2. Treasury Stock 61500 Cash 61500 3. Land 35600 Treasury Stock 32800 Paid-in Capital from Treasury Stock 2800 4. Cash 57200 Preferred Stock 55000 Paid-in Capital in Excess of Par Preferred Stock 2200 Retained Earnings 82340 Common Stock Dividend Distributable 8950 Paid-in Capital in Excess of Par - Common Stock 73390 6. Common Stock Dividend Distributable 8950 Common Stock 8950 7. Retained Earnings 62880 Dividends Payable Preferred Stock 23500 Dividends Payable - Common Stock 39380 Prepare the December 31, 2017, stockholders' equity section. Assume 2017 net income was $327,000 AYAYAI COMMPANY Stockholders Equity December 31, 2017 Capital Stock Preferred Stock 235000 Common Stock 101950 Total Capital Stoc 336950 Additional Paid-in Capital 208390 Total Paid-in Capital 208390 Retained Earnings 321780 Total Paid-in Capital and Retained Earnings 530170 Less 28700 Treasury Stock Total Stockholders' Equity 808500