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I dont even know how to begin this.... I have all of the accounts. Please, if you know how to do this, please show me
I dont even know how to begin this.... I have all of the accounts. Please, if you know how to do this, please show me how.
Problem 15-12 Sheffield Company was formed on July 1, 2015. It was authorized to issue 306,400 shares of $10 par value common stock and 101,400 shares of 7% $25 par value, cumulative and nonparticipating preferred stock. Sheffield Company has a July 1-June 30 fiscal year. The following information relates to the stockholders' equity accounts of Sheffield Company. Common Stock Prior to the 2017-2018 fiscal year, Sheffield Company had 111,200 shares of outstanding common stock issued as follows 1. 81,900 shares were issued for cash on July 1, 2015, at $30 per share. 2. On July 24, 2015, 5,000 shares were exchanged for a plot of land which cost the seller $68,100 in an 2009 and had estimated fair value of $220,900 on July 24, 2015 3. 24,300 shares were issued on March 1, 2016, for $41 per share During the 2017-2018 fiscal year, the following transactions regarding common stock took place November 30, 2017 Sheffield purchased 1,900 shares of its own stock on the open market at $37 per share. Sheffield uses the cost method for treasury stock. December 15, 2017 Sheffield declared a 5% stock dividend for stockholders of record on January 15, 2018, to be issued on January 31, 2018. Sheffield was having a liquidity problem and could not afford a cash dividend at the time. Sheffield's common stock was selling at $47 per share on December 15, 2017 June 20, 2018 Sheffield sold 540 shares of its own common stock that it had purchased on November 30, 2017, for $20,100 Preferred Stock Sheffield issued 43,600 shares of preferred stock at $48 per share on July 1, 2016 Cash Dividends Sheffield has followed a schedule of declaring cash dividends in December and June, with payment being made to stockholders of record in the following month. The cash dividends which have been declared since inception of the company through June 30, 2018, are shown below. Declaration Common Preferre Stock Stock Date 12/15/16 $0.30 per share $1 per share $0.30 per share $1 per share 12/15/17 $1 per share No cash dividends were declared during June 2018 due to the company's liquidity problems Retained Earnings As of June 30, 2017, Sheffield's retained earnings account had a balance of $657,300. For the fiscal year ending June 30, 2018, Sheffield reported net income of $38,100 Prepare the stockholders' equity section of the balance sheet, for Sheffield Company as of June 30, 2018, as it should appear in its annual report to the shareholders. (Enter account name only and do not provide descriptive information)Step by Step Solution
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