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On December 31, 2016, Jons Company had 1,300,000 shares of $5 par common stock issued and outstanding. At December 31, 2016, stockholders equity had the
On December 31, 2016, Jons Company had 1,300,000 shares of $5 par common stock issued and outstanding. At December 31, 2016, stockholders equity had the amounts listed here.
Common Stock | $6,500,000 | |
Additional Paid-in Capital | 1,800,000 | |
Retained Earnings | 1,200,000 |
Transactions during 2017 and other information related to stockholders equity accounts were as follows.
1. | On January 10, 2017, issued at $107 per share 120,000 shares of $100 par value, 9% cumulative preferred stock. | |
2. | On February 8, 2017, reacquired 15,000 shares of its common stock for $11 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 $1.20 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 $3,600,000. |
Prepare the stockholders equity section of Jons' balance sheet at December 31, 2017.
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