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plz answer 1~7 Finishing Touches has two classes of stock authorized 9%, $10 par preferred, and $1 per value common. The following transactions affect stockholders'
plz answer 1~7
Finishing Touches has two classes of stock authorized 9%, $10 par preferred, and $1 per value common. The following transactions affect stockholders' equity during 2018, its first year of operations January 2 Issues 100,000 shares of common stock for $29 per share February 6 Issues 2, 400 shares of 9% preferred stock for $11 per share September 10 Repurchases 11,000 shares of its own common stock for $34 per share December 15 Reissues 5, 500 shares of treasury stock at $39 per share In its first year of operations, Finishing Touches has net income of $154,000 and pays dividends at the end of the year of $94, 500 ($1 per share) on all common shares outstanding and $2, 160 on all preferred shares outstanding Prepare the stockholders' equity section of the balance sheet for Finishing Touches as December 31, 2018. (Amount to be deducted should be indicated by a minus sign.)Step by Step Solution
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