Marin Company was formed on July 1, 2018. It was authorized to issue 304,300 shares of $10 par value common stock and 102,900 shares of 8% $25 par value, cumulative and nonparticipating preferred stock. Marin Company has a July 1-June 30 fiscal year. The following information relates to the stockholders' equity accounts of Marin Company. Common Stock Prior to the 2020-2021 fiscal year, Marin Company had 113,400 shares of outstanding common stock issued as follows. 1. 2. 83,400 shares were issued for cash on July 1, 2018, at $33 per share. On July 24, 2018,5,000 shares were exchanged for a plot of land which cost the seller $71,300 in 2012 and had an estimated fair value of $224,100 on July 24, 2018. 25,000 shares were issued on March 1, 2019, for $45 per share. 3. During the 2020-2021 fiscal year, the following transactions regarding common stock took place. November 30, 2020 December 15, 2020 Marin purchased 2,000 shares of its own stock on the open market at $38 per share. Marin uses the cost method for treasury stock. Marin declared a 5% stock dividend for stockholders of record on January 15, 2021, to be issued on January 31, 2021. Marin was having a liquidity problem and could not afford a cash dividend at the time. Marin's common stock was selling at $56 per share on December 15, 2020. Marin sold 460 shares of its own common stock that it had purchased on November 30, 2020, for $21,400. June 20, 2021 Preferred Stock Marin issued 37,200 shares of preferred stock at $43 per share on July 1, 2019. Cash Dividends Marin 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, 2021, are shown below. Declaration Date Common Stock Preferred Stock 12/15/19 $0.30 per share $1 per share Declaration Date Common Stock Preferred Stock 12/15/19 $1 per share $0.30 per share $0.30 per share 6/15/20 $1 per share $1 per share 12/15/20 No cash dividends were declared during June 2021 due to the company's liquidity problems. Retained Earnings As of June 30, 2020, Marin's retained earnings account had a balance of $715,600. For the fiscal year ending June 30, 2021, Marin reported net income of $41,800. Prepare the stockholders' equity section of the balance sheet, for Marin Company as of June 30, 2021, as it should appear in its annual report to the shareholders. (Enter account name only and do not provide descriptive information.) MARIN COMPANY Stockholders' Equity For the Year Ended June 30, 2021 Capital Stock Preferred Stock $ Common Stock Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock $ Paid-in Capital in Excess of Par-Common Stock Treasury Stock Preferred Stock $ Common Stock Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock $ Paid-in Capital in Excess of Par-Common Stock Treasury Stock Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less : Treasury Stock Total Stockholders' Equity $ $
