Problem 15-12 Retained Earnings As of June 30, 2017, Shamrock's retained earnings account had a balance of $674,000. For the fiscal year ending June 30, 2018, Sharock reported net income of $39.400 Your answer is partially correct. Try again. Shamrock Company was formed on July 1, 2015. It was authorized to issue 289,000 shares of $10 par value common stock and 95,700 shares of 7% S25 par value, cumulative and nonparticipating preferred stock. Shamrock Company has a July 1-June 30 fiscal year. Prepare the stockholders' equity section of the balance sheet, for Shamrock Company as of June 30, 2018, as it should appear in its annual report to the shareholders. Enter account name only do not provide descriptive information.) The following information relates to the stockholders' equity accounts of Shamrock Company. Equity Common Stock Prior to the 2017-2018 fiscal year, Shamrock Company had 105,600 shares of outstanding common stock issued as follows. lune 30 2018 Capital Stock Prefeined Stoc Common Slock 1. 82,700 shares were issued for cash on July 1, 2015, at $31 per share. 2. On July 24, 2015, 5,000 shares were exchanged for a plot of land which cost the seller $67,200 in 2009 and had an estimated fair value of $227.700 on July 24, 2015. 3. 17,900 shares were issued on March 1, 2016, for $39 per share. During the 2017-2018 fiscal year, the following transactions regarding common stock took Totd Coptol Stock Adional Paid-n Capital Padin Copitd PadinCapid Treasury Stock place. November 30, 2017 December 15, 2017 Shamrock purchased 2,000 shares of its own stock on the open market at $39 per share. Shamrock uses the cost method for treasury stock. Shamrock declared a 5% stock dividend for stockholders of record on January 15, 2018, to be issued on January 31, 2018. Shamrock was having a liquidity problem and could not afford a cash stock was selling at $54 per share on December 15, 2017 Shamrock sold 450 shares of its own common stock that it had purchased on November 30, 2017, for $21,000. at the time. Shamrock's common June 20, 2018 Preferred Stock Shamrock issued 40,600 shares of preferred stock at $40 per share on July 1, 2016 Tota Paid-n Captal and Retained Eanings Cash Dividends Shamrock 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 Retained Eani Stockhclders' Equty Declaration Date Common Preferred Less 12/15 16 615/17 12/15/17 Stock $0.30 per share 50.30 per share $1 per share $1 per share $1 per share Treasury Stock Total Stockholdeis'Equity No cash dividends were declared during June 2018 due to the company's liquidity problems
