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I need help finishing Quick Fix-it Corporation was organized in January 2014 to operate several car repair businesses in a large metropolitan area. The charter
I need help finishing
Quick Fix-it Corporation was organized in January 2014 to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following capital stock: Common stock, $15 par value, 99,700 shares Preferred stock, $45 par value, 8 percent, 59,900 shares During January and February 2014, the following stock transactions were completed: Sold 78,800 shares of common stock at $30 per share and collected cash. Sold 21,500 shares of preferred stock at $73 per share; collected the cash and immediately issued the stock. Bought 5,200 shares of common stock from a current stockholder for $27 per share. Required: Net income for 2014 was $91, 200; cash dividends declared and paid at year-end were $30,400. Prepare the stockholders' equity section of the balance sheet at December 31, 2014. (Amounts to be deducted should be indicated with a minus sign.)Step by Step Solution
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