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On December 31, 2016, Cullumber Company had 1,275,000 shares of $5 par common stock issued and outstanding. At December 31, 2016, stockholders equity had the
On December 31, 2016, Cullumber Company had 1,275,000 shares of $5 par common stock issued and outstanding. At December 31, 2016, stockholders equity had the amounts listed here.
Common Stock | $6,375,000 | |
Additional Paid-in Capital | 1,725,000 | |
Retained Earnings | 1,130,000 |
Transactions during 2017 and other information related to stockholders equity accounts were as follows.
1. | On January 10, 2017, issued at $114 per share 128,000 shares of $102 par value, 8% cumulative preferred stock. | |
2. | On February 8, 2017, reacquired 13,700 shares of its common stock for $14 per share. | |
3. | On May 9, 2017, declared the yearly cash dividend on preferred stock, payable June 10, 2017, to stockholders of record on May 31, 2017. | |
4. | On June 8, 2017, declared a cash dividend of $1.25 per share on the common stock outstanding, payable on July 10, 2017, to stockholders of record on July 1, 2017. | |
5. | Net income for the year was $3,683,000. |
Prepare the stockholders equity section of Cullumber balance sheet at December 31, 2017.
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