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Required information [The following information applies to the questions displayed below.] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value
Required information [The following information applies to the questions displayed below.] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021 , 125 shares of preferred stock and 1,400 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,400 additional shares of common stock for $14 per share. April 1 Issue 175 additional shares of preferred stock for $24 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.45 per share to all stockholders of record on June 15. June30 Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of common treasury stock for \$11 per share. October 1 Resell 125 shares of treasury stock purchased on August 1 for $13 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Preferred Stock, \$1,250; Common Stock, \$1,400; Additional Paid-in Capital, \$17,900; and Retained Earnings, \$9,900. Net income for the year ended December 31,2021 , is $6,850. Taking into consideration the beginning balances on January 1, 2021 and all the transactions during 2021 , respond to the following for Nautical: equired: Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. (Amounts to be deducted should be dicated by a minus sign.)
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