Exercise 15-18 Larkspur Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet Preferred stock, 10%, $100 par (10,000 shares authorized, 1,900 shares issued) $190,000 Common stock, $5 par (109,500 shares authorized, 21,900 shares issued) 109,500 Additional paid-in capital 117,000 Retained earnings 453,000 Total $869,500 During 2017, Larkspur took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016. 2. Purchased 1,600 shares of its own outstanding common stock for $37 per share. Larkspur uses the cost method. 3. Reissued 600 treasury shares for land valued at $27,400. 4. Issued 480 shares of preferred stock at $105 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $47 per share. 6. Issued the stock dividend. 7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018. Your answer is partially correct. Try again. Prepare the December 31, 2017, stockholders' equity section. Assume 2017 net income was $306,000. (Enter account name only. Do not provide any descriptive information.) LARKSPUR COMPANY Stockholders' Equity December 31, 2017 Capital Stock Preferred Stock Common Stock T Total Capital Stock ...... Additional Paid-in Capital Total Paid-in Capital Retained Earnings ........ T Total Paid-in Capital and Retained Earnings Less Treasury Stock T Total Stockholders' Equity