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please help fill out this statement of stockholders' equity At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding
please help fill out this statement of stockholders' equity
At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $6,700, During the year, Buffalo reports net income of $7,000 and pays dividends of $1700. In addition, Buffalo issues additional common stock for $6,500 Required: Prepare the statement of stockholders' equity at the end of the year (December 31). Answer is complete but not entirely correct. BUFFALO DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Total Common Retained Stockholders Stock Earnings Equity Beginning balance $ 10,000 $ 6,700 S 16,700 Issuance of common stock 10,000 6,500 16,500 Add: Net income 7.000 7,000 Less: Dividends 1,700 1,700 Ending balance $ 20.000 $ 18,500 X $ 38,500 Step by Step Solution
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