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Blue Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were

Blue Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders equity.

Preferred Stock, 160,200 shares $ 3,204,000

Common Stock, 1,983,000 shares 9,915,000

Paid-in Capital in Excess of ParPreferred Stock 200,000

Paid-in Capital in Excess of ParCommon Stock 26,495,000

Retained Earnings 4,431,000

The following transactions affected stockholders equity during 2018.

Jan. 1 29,300 shares of preferred stock issued at $24 per share.

Feb. 1 48,800 shares of common stock issued at $21 per share.

June 1 2-for-1 stock split (par value reduced to $2.50).

July 1 28,100 shares of common treasury stock purchased at $11 per share. Blue uses the cost method.

Sept. 15 10,200 shares of treasury stock reissued at $12 per share.

Dec. 31 The preferred dividend is declared, and a common dividend of 55 per share is declared.

Dec. 31 Net income is $2,103,000.

-Prepare the stockholders equity section for Blue Company at December 31, 2018.image text in transcribed

December 31, 2018 Capital Stock Preferred Stock 3204000 Common Stock 9915000 Total Capital Stock 13119000 Additional Paid-in Capital Paid-in Capital in Excess of Par - Preferred Stock 200000 Paid-in Capital in Excess of Par - Common Stock 26495000 Paid-in Capital from Treasury Stock 6228000 32923000 Total Paid-in Capital 46042000 Retained Earnings 4431000 Total Paid-in Capital and Retained Earnings 41611000 Less (19531500) Treasury Stock 33044500 Total Stockholders' Equity

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