Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Buffalo Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were
Buffalo Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity. Preferred Stock, 139,000 shares Common Stock, 2,033,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $ 2,780,000 10,165,000 202.000 26,606,000 4,459,000 The following transactions affected stockholders' equity during 2021. Jan. 1 32,200 shares of preferred stock issued at $24 per share. Feb. 1 48,600 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 29,500 shares of common treasury stock purchased at $10 per share. Buffalo uses the cost method. Sept. 15 10,100 shares of treasury stock reissued at $11 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 48 per share is declared. Dec. 31 Net income is $2,074,000. Prepare the stockholders' equity section for Buffalo Company at December 31, 2021. (Enter account name only and do not provide descriptive information.) BUFFALO COMPANY Stockholders' Equity $ $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started