Question
On December 30, 2021, On Target Company declared a 5-for-1 stock split. As of that date, On Target's equity and other related accounts had the
On December 30, 2021, On Target Company declared a 5-for-1 stock split. As of that date, On Target's equity and other related accounts had the following balances: Common Stock ($10 par; 175,000 shares authorized; 10,000 shares issued and outstanding) $100,000; Paid in Excess of Par - Common Stock $35,000; Preferred Stock (6% $40 par, 30,000 shares authorized, 2,000 shares issued and outstanding) $80,000; Paid in Excess of Par - Preferred Stock $46,000; Net Income $94,000. During the year, On Target declared and paid dividends of $125,000. Retained Earnings on December 31, 2020 was $210,000. Based upon the information above, prepare the Statement of Shareholders' Equity after the stock split on December 31, 2021. | |||||||
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