Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On December 31, 2013, Paxson Company had 1,397,100 shares of $6 par common stock issued and outstanding. At December 31, 2013, stockholders equity had the
On December 31, 2013, Paxson Company had 1,397,100 shares of $6 par common stock issued and outstanding. At December 31, 2013, stockholders equity had the amounts listed here.
Common Stock | $8,382,600 | |
Additional Paid-in Capital | 1,833,600 | |
Retained Earnings | 1,130,000 |
Transactions during 2014 and other information related to stockholders equity accounts were as follows.
1. | On January 10, 2014, issued at $112 per share 120,200 shares of $100 par value, 8% cumulative preferred stock. | |
2. | On February 8, 2014, reacquired 16,400 shares of its common stock for $11 per share. | |
3. | On May 9, 2014, declared the yearly cash dividend on preferred stock, payable June 10, 2014, to stockholders of record on May 31, 2014. | |
4. | On June 8, 2014, declared a cash dividend of $1.30 per share on the common stock outstanding, payable on July 10, 2014, to stockholders of record on July 1, 2014. | |
5. | Net income for the year was $3,579,700. |
Prepare the stockholders equity section of Paxsons balance sheet at December 31, 2014. (please provide answer in table)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started