Martinez Company was formed on July 1, 2018. It was authorized to issue 296,600 shares of $ 10 par value common stock and 100,000 shares of 8% $ 25 par value, cumulative and nonparticipating preferred stock. Martinez Company has a July 1- June 30 fiscal year. The following information relates to the stockholders' equity accounts of Martinez Company. Common Stock Prior to the 2020-2021 fiscal year, Martinez Company had 110, 100 shares of outstanding common stock issued as follows. 1. 2. 88,500 shares were issued for cash on July 1, 2018, at $ 31 per share. On July 24, 2018, 5,000 shares were exchanged for a plot of land which cost the seller $ 67,800 in 2012 and had an estimated fair value of $ 227,500 on July 24, 2018. 16,600 shares were issued on March 1, 2019, for $42 per share. 3. During the 2020-2021 fiscal year, the following transactions regarding common stock took place. November 30, 2020 Martinez purchased 2.200 shares of its own stock on the open market at $ 40 per share. Martinez uses the cost method for treasury stock. December 15, 2020 Martinez declared a 5% stock dividend for stockholders of record on January 15, 2021, to be issued on January 31, 2021. Martinez was having a liquidity problem and could not afford a cash dividend at the time. Martinez's common stock was selling at $ 52 per share on December 15, 2020. June 20, 2021 Martinez sold 520 shares of its own common stock that it had purchased on November 30, 2020, fors 23.500 Preferred Stock Martinez issued 39.000 shares of preferred stock at $ 41 per share on July 1, 2019. Cash Dividends Martinez 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 12/15/19 6/15/20 $0.30 per share $0.30 per share Preferred Stock $ 1 per share $ 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, Martinez's retained earnings account had a balance of $ 693,700. For the fiscal year ending June 30, 2021. Martinez reported net income of $ 41.200. Prepare the stockholders'equity section of the balance sheet for Martinez 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)
