E14-10

following balances at December 31, 2016: common stock $500,000, paid-in capital in excess of par value-common stock $100,000, and retained earnings $250,000. During 2017, the following transactions affected stockholders' equity 1. Issued preferred stock with a par value of $125,000 for $200,000. 2. Purchased treasury stock (common) for $40,000. 3. Earned net income of $180,000. 4. Declared and paid cash dividends of $56,000. section. (LO 3) Instructions Prepare the stockholders' equity section of Dirk Companys December 31, 2017, balance shee