Problem 15 12 Concord Company was formed on July 1, 2015 It was authorized to issue 299,300 shares of $10 par value common stock and 97,500 shares of 8 $25 par value, cumulative and nonparticipating preferred stock Concord Company has a July 1June 30 fiscal year The following information relates to the stockholders equity accounts of Concord Company Common Stock Prior to the 20172018 fiscal year, Concord Company had 108,000 shares of outstanding common stock issued as follows 1 87,800 shares were issued for cash on July 1, 2015, at $30 per share 2 On July 24, 2015, 5,000 shares were exchanged for a plot of land which cost the seller $69,000 in 2009 and had an estimated fair value of $221,200 on July 24, 2015 3 15,200 shares were issued on March 1, 2016, for $39 per share During the 20172018 fiscal year, the following transactions regarding common stock took place November 30, 2017 Concord purchased 2,000 shares of its own stock on the open market at $39 per share Concord uses the cost method for treasury stock December 15, 2017 Concord declared a 5 stock dividend for stockholders of record on January 15, 2018, to be issued on January 31, 2018 Concord was having a liquidity problem and could not afford a cash dividend at the time Concords common stock was selling at $51 per share on December 15, 2017 June 20, 2018 Concord sold 500 shares of its own common stock that it had purchased on November 30, 2017, for $21,700 Preferred Stock Concord issued 39,600 shares of preferred stock at $47 per share on July 1, 2016 Cash Dividends Concord has followed a schedule of declaring cash dividends in December and June, with payment being made to stockholders of record in the following month The cash dividends which have been declared since inception of the company through June 30, 2018, are shown below Declaration Date Common Stock Preferred Stock 12 15 16 $0 30 per share $1 per share 6 15 17 $0 30 per share $1 per share 12 15 17 $1 per share No cash dividends were declared during June 2018 due to the companys liquidity problems Retained Earnings As of June 30, 2017, Concords retained earnings account had a balance of $721,000 For the fiscal year ending June 30, 2018, Concord reported net income of $38,100 Prepare the stockholders equity section of the balance sheet, for Concord Company as of June 30, 2018, as it should appear in its annual report to the shareholders (Enter account name only and do not provide descriptive information )

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Problem 15-12 Concord Company was formed on July 1, 2015. It was authorized to issue 299,300 shares of $10 par value common stock and 97,500

Problem 15-12

Concord Company was formed on July 1, 2015. It was authorized to issue 299,300 shares of $10 par value common stock and 97,500 shares of 8% $25 par value, cumulative and nonparticipating preferred stock. Concord Company has a July 1June 30 fiscal year. The following information relates to the stockholders equity accounts of Concord Company. Common Stock Prior to the 20172018 fiscal year, Concord Company had 108,000 shares of outstanding common stock issued as follows.

1.		87,800 shares were issued for cash on July 1, 2015, at $30 per share.
2.		On July 24, 2015, 5,000 shares were exchanged for a plot of land which cost the seller $69,000 in 2009 and had an estimated fair value of $221,200 on July 24, 2015.
3.		15,200 shares were issued on March 1, 2016, for $39 per share.

During the 20172018 fiscal year, the following transactions regarding common stock took place.

November 30, 2017		Concord purchased 2,000 shares of its own stock on the open market at $39 per share. Concord uses the cost method for treasury stock.
December 15, 2017		Concord declared a 5% stock dividend for stockholders of record on January 15, 2018, to be issued on January 31, 2018. Concord was having a liquidity problem and could not afford a cash dividend at the time. Concords common stock was selling at $51 per share on December 15, 2017.
June 20, 2018		Concord sold 500 shares of its own common stock that it had purchased on November 30, 2017, for $21,700.

Preferred Stock Concord issued 39,600 shares of preferred stock at $47 per share on July 1, 2016. Cash Dividends Concord has followed a schedule of declaring cash dividends in December and June, with payment being made to stockholders of record in the following month. The cash dividends which have been declared since inception of the company through June 30, 2018, are shown below.

Declaration Date	Common Stock	Preferred Stock
12/15/16	$0.30 per share	$1 per share
6/15/17	$0.30 per share	$1 per share
12/15/17		$1 per share

No cash dividends were declared during June 2018 due to the companys liquidity problems. Retained Earnings As of June 30, 2017, Concords retained earnings account had a balance of $721,000. For the fiscal year ending June 30, 2018, Concord reported net income of $38,100. Prepare the stockholders equity section of the balance sheet, for Concord Company as of June 30, 2018, as it should appear in its annual report to the shareholders. (Enter account name only and do not provide descriptive information.)