Question
Can you help me with this problem? Some of the categories are filled in but not all and I still got all of the numbers
Can you help me with this problem? Some of the categories are filled in but not all and I still got all of the numbers wrong.
The Golden Mushroom has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $34 per share. February 6 Issues 2,900 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $39 per share. December 15 Resells 5,000 shares of treasury stock at $44 per share. In its first year of operations, The Golden Mushroom has net income of $159,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $2,320 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for The Golden Mushroom as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)
THE GOLDEN MUSHROOM | |
Balance Sheet | |
(Stockholders Equity Section) | |
December 31, 2024 | |
Stockholders equity: | |
Preferred stock | |
Common stock | |
Additional paid-in capital | |
Total paid-in capital | 0 |
Retained earnings | |
Treasury stock | |
Total stockholders equity | $0 |
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