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I did not get the treasury stock and the additional paid-in capital right Finishing Touches has two classes of stock authorized: 7%, $10 par preferred,
I did not get the treasury stock and the additional paid-in capital right
Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2015, its first year of operations: In its first year of operations, Finishing Touches has net income of $152,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,540 on all preferred shares outstanding. Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)Step by Step Solution
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