Question Penn Company was formed on July 1, 2012 It was authorized to issue307,400shares of $11par value common stock and105,000shares of9 $25par value, cumulative and nonparticipating preferred stock Penn Company has a July 1 June 30 fiscal year The following information relates to the stockholders' equity accounts of Penn Company Common Stock Prior to the 2014 2015 fiscal year, Penn Company had117,000shares of outstanding common stock issued as follows 1 87,600shares were issued for cash on July 1, 2012, at $33per share 2 On July 24, 2012,5,000shares were exchanged for a plot of land which cost the seller $73,300in 2006 and had an estimated fair value of $222,100on July 24, 2012 3 24,400shares were issued on March 1, 2013, for $41per share During the 2014 2015 fiscal year, the following transactions regarding common stock took place November30,2014 Penn purchased2,500shares of its own stock on the open market at $38per share Penn uses the cost method for treasury stock December15,2014 Penn declared a5 stock dividend for stockholders of record on January 15, 2015, to be issued on January 31, 2015 Penn was having a liquidity problem and could not afford a cash dividend at the time Penn's common stock was selling at $51per share on December 15, 2014 June20,2015 Penn sold420shares of its own common stock that it had purchased on November 30, 2014, for $22,700 Preferred Stock Penn issued41,100shares of preferred stock at $45per share on July 1, 2013 Cash Dividends Penn 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, 2015, are shown below Declaration Date Common Stock Preferred Stock 12 15 13 $0 42per share $1per share 6 15 14 $0 42per share $1per share 12 15 14 $1per share No cash dividends were declared during June 2015 due to the company's liquidity problems Retained Earnings As of June 30, 2014, Penn's retained earnings account had a balance of $708,000 For the fiscal year ending June 30, 2015, Penn reported net income of $41,800 Prepare the stockholders' equity section of the balance sheet, for Penn Company as of June 30, 2015, 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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Question: Penn Company was formed on July 1, 2012. It was authorized to issue307,400shares of $11par value common stock and105,000shares of9% $25par value, cumulative and

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Penn Company was formed on July 1, 2012. It was authorized to issue307,400shares of $11par value common stock and105,000shares of9% $25par value, cumulative and nonparticipating preferred stock. Penn Company has a July 1-June 30 fiscal year.

The following information relates to the stockholders' equity accounts of Penn Company.

Common Stock

Prior to the 2014-2015 fiscal year, Penn Company had117,000shares of outstanding common stock issued as follows.

1.	87,600shares were issued for cash on July 1, 2012, at $33per share.
2.	On July 24, 2012,5,000shares were exchanged for a plot of land which cost the seller $73,300in 2006 and had an estimated fair value of $222,100on July 24, 2012.
3.	24,400shares were issued on March 1, 2013, for $41per share.

During the 2014-2015 fiscal year, the following transactions regarding common stock took place.

November30,2014	Penn purchased2,500shares of its own stock on the open market at $38per share. Penn uses the cost method for treasury stock.
December15,2014	Penn declared a5% stock dividend for stockholders of record on January 15, 2015, to be issued on January 31, 2015. Penn was having a liquidity problem and could not afford a cash dividend at the time. Penn's common stock was selling at $51per share on December 15, 2014.
June20,2015	Penn sold420shares of its own common stock that it had purchased on November 30, 2014, for $22,700.

Preferred Stock

Penn issued41,100shares of preferred stock at $45per share on July 1, 2013.

Cash Dividends

Penn 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, 2015, are shown below.

Declaration Date	Common Stock	Preferred Stock
12/15/13	$0.42per share	$1per share
6/15/14	$0.42per share	$1per share
12/15/14	$1per share

No cash dividends were declared during June 2015 due to the company's liquidity problems.

Retained Earnings

As of June 30, 2014, Penn's retained earnings account had a balance of $708,000. For the fiscal year ending June 30, 2015, Penn reported net income of $41,800.

Prepare the stockholders' equity section of the balance sheet, for Penn Company as of June 30, 2015, as it should appear in its annual report to the shareholders. (Enter account name only and do not provide descriptive information.)