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MarvinsShrimpRestaurantincorporatedasanewbusinessonJanuary1,2015.Thecompanyisauthorizedtoissue 40,000sharesof$1parvaluecommonstock,and10,000sharesof4%,$5parvalue,cumulative,participating preferredstock.OnJanuary1,2015thecompanyissued15,000sharesofcommonstockfor$8pershare.Net incomefortheyearendedDecember31,2015,was$115,000.Cashdividendsintheamountof$30,000were declared,butonly$25,000werepaidasofyear-end.Preparethestockholders'equitysectionofthebalancesheetfor MarvinsShrimpRestaurantatDecember31,2015.
MarvinsShrimpRestaurantincorporatedasanewbusinessonJanuary1,2015.Thecompanyisauthorizedtoissue 40,000sharesof$1parvaluecommonstock,and10,000sharesof4%,$5parvalue,cumulative,participating preferredstock.OnJanuary1,2015thecompanyissued15,000sharesofcommonstockfor$8pershare.Net incomefortheyearendedDecember31,2015,was$115,000.Cashdividendsintheamountof$30,000were declared,butonly$25,000werepaidasofyear-end.Preparethestockholders'equitysectionofthebalancesheetfor MarvinsShrimpRestaurantatDecember31,2015.
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