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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $620 were declared at the end
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $620 were declared at the end of the year, and 680 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,720 in cash (for a total at the end of the year of 800 shares). These effects are included below: 1,619 Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,510 Accounts receivable 2,320 Interest receivable 210 Prepaid insurance Long-term notes receivable 2,800 Equipment 16,000 Accumulated depreciation $ 2,940 Accounts payable 2,320 Dividends payable 620 Accrued expenses payable 3,860 Income taxes payable 2,530 Unearned rent revenue 360 Common Stock (800 shares) 80 Additional paid in capital 3,560 Retained earnings Sales revenue 37,450 Interest revenue 180 Rent revenue 550 Wages expense 18,200 Depreciation expense 1,780 Utilities expense 350 Insurance expense 750 Rent expense 9,100 Income tax expense 2,720 Total $ 57,350 $ 57,350 2,900 Prepare a statement of stockholders' equity for the current year. (Reductions in account balances should be indicated with a minus sign.) CATENA'S MARKETING COMPANY Statement of Stockholders' Equity For the current year Common Stock Additional Paid-in Capital Retained Earnings Total Stockholders' Equity $ 12 Balance, January 1 Share issuance 68 Net income Dividends declared Balance, December 31
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