Statement of Shareholders' Equity On January 1, 2019, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par $ 92,800 Common stock, $5 par 37,400 Additional paid-in capital on preferred stock 21,500 Additional paid in capital on common stock 58,700 Total contributed capital $210,400 Retained earnings 187,000 Total Shareholders' Equity $397,400 During 2019, the following transactions and events occurred and were properly recorded: 1. Powder issued 2,000 shares of common stock at $15 per share. 2. Powder issued 330 shares of preferred stock at $120 per share. 3. Powder earned net income of $38,950. 4. Powder paid a $6 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of 2019. Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for 2019, POWDER COMPANY Statement of Shareholders' Equity For Year Ended December 31, 2019 Additional Preferred Common Pald-in Capital Additional Pald-in Stock Stock on Preferred Capital on Retained $100 par $5 par Stock Common Stock Earnings Balances, 1/1/19 37.400 $ 21.500 $ ,700 $ 185,700 X Common stock issued Preferred stock issued 34000 x 10.200 Net Income Cash dividend paid on preferred RTS eBook 37,400 Common stock, $5 par Additional paid-in capital on preferred stock 21,500 58,700 Additional paid-in capital on common stock $210,400 Total contributed capital 187,000 Retained earnings Total Shareholders' Equity $397,400 During 2019, the following transactions and events occurred and were properly recorded: 1. Powder issued 2,000 shares of common stock at $15 per share. 2. Powder issued 330 shares of preferred stock at $120 per share. 3. Powder earned net income of $38,950. 4. Powder paid a $6 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of 2019. Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for 2019. POWDER COMPANY Statement of Shareholders' Equity For Year Ended December 31, 2019 Additional Preferred Common Pald-in Capital Stock Stock on Preferred $100 par $5 par Stock Additional Paid-in Capital on Common Stock Retained Earnings Total Balances, 1/1/19 $ 92,800 37,400 21,500 $ $ 185,700 58,700 X $ $ 396,100 9,000 Common stock issued 14,400 X 23,400 Preferred stock issued 44,200 34,000 10,200 x 2,638 Net income Cash dividend paid on preferred 8,876 8,876 Cash dividend paid on common Balances, 12/31/19 $ 126,800 X 46,400 x 31,700 X 73,100 206,494 X 484,494 Feedback