Exercise 1-7A Prepare a statement of stockholders' equity (LO1-3) At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $7,800. During the year, Buffalo reports net income of $8,100 and pays dividends of $2,800. In addition, Buffalo issues additional common stock for $7,600. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). BUFFALO DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Beginning balance Issuance of common stock Retained earnings Stockholder's equity Exercise 1-7A Prepare a statement of stockholders' equity (LO1-3) At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $7,800. During the year, Buffalo reports net income of $8,100 and pays dividends of $2,800. In addition, Buffalo issues additional common stock for $7,600. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). Statement of Stockholders' Equity For the Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Beginning balance Add: Net Income Add: Net loss Less: Net income Less: Net loss Exercise 1-7A Prepare a statement of stockholders' equity (LO1-3) At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $7,800. During the year, Buffalo reports net income of $8,100 and pays dividends of $2,800. In addition, Buffalo issues additional common stock for $7,600. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). BUFFALO DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Retained Common Stock Earnings Total Stockholders' Equity Beginning balance Add: Dividends Less: Dividends