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Dirk Company reported the following balances at December 31, 2016: common stock $401,000, paid-in capital in excess of par valuecommon stock $105,000, and retained earnings
Dirk Company reported the following balances at December 31, 2016: common stock $401,000, paid-in capital in excess of par valuecommon stock $105,000, and retained earnings $241,000. During 2017, the following transactions affected stockholders' equity.
1. | Issued preferred stock with a par value of $124,000 for $210,000. | |
2. | Purchased treasury stock (common) for $44,000. | |
3. | Earned net income of $141,500. | |
4. | Declared and paid cash dividends of $52,000. |
Prepare the stockholders equity section of Dirk Companys December 31, 2017, balance sheet.
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