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Exercise 15-18 (Part Level Submission) Cheyenne Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock,
Exercise 15-18 (Part Level Submission) Cheyenne Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (92,000 shares authorized, 18,400 shares issued) 92,000 Additional paid-in capital 112,000 Retained earnings 462,000 Total $846,000 During 2020, Cheyenne took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2. Purchased 1,500 shares of its own outstanding common stock for $44 per share. Cheyenne uses the cost method. 3. Reissued 700 treasury shares for land valued at $31,700. 4. Issued 540 shares of preferred stock at $106 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $43 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021. Prepare the December 31, 2020, stockholders' equity section. Assume 2020 net income was $317,000. (Enter account name only .Do not provide any descriptive information.) CHEYENNE COMPANY Stockholders' Equity December 31, 2020 Capital Stock Capital Stock T Preferred Stock 234,000 Common Stock 100,800 T Total Capital Stock 334800 T Additional Paid-in Capital 183020 Total Paid-in Capital 517,820 Retained Earnings 273,360 Total Paid-in Capital and Retained Earnin 1108180 Less 2). Treasury Stock ury Stock 35200 T Total Stockholders' Equity 1,072,980
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