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Sandhill Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were
Sandhill Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders' equity. Preferred Stock, 148,200 shares Common Stock, 1,991,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $ 2,964,000 9,955,000 207,000 26,478,000 4,495,000 The following transactions affected stockholders' equity during 2018. Jan. 1 29,200 shares of preferred stock issued at $23 per share. Feb. 1 46,100 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 28,900 shares of common treasury stock purchased at $10 per share. Sandhill uses the cost method. Sept. 15 9,200 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 53 per share is declared. Dec. 31 Net income is $2,138,000. Prepare the stockholders' equity section for Sandhill Company at December 31, 2018. (Enter account name only and do not provide descriptive information.) SANDHILL COMPANY Stockholders' Equity Sandhill Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders' equity. Preferred Stock, 148,200 shares Common Stock, 1,991,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $ 2,964,000 9,955,000 207,000 26,478,000 4,495,000 The following transactions affected stockholders' equity during 2018. Jan. 1 29,200 shares of preferred stock issued at $23 per share. Feb. 1 46,100 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 28,900 shares of common treasury stock purchased at $10 per share. Sandhill uses the cost method. Sept. 15 9,200 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 53 per share is declared. Dec. 31 Net income is $2,138,000. Prepare the stockholders' equity section for Sandhill Company at December 31, 2018. (Enter account name only and do not provide descriptive information.) SANDHILL COMPANY Stockholders' Equity
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