Stockholders' Equity Category

Peeler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 1,200 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 12,000 shares of $5 par common stock. On January 10, Peeler issued for cash 410 shares of preferred stock at $123 per share and 4,000 shares of common stock at $83 per share. On January 20, it issued 1,500 shares of common stock to acquire a building site at a time when the stock was selling for $69 per share.

During 2017, Peeler established an employee benefit plan and acquired 560 shares of common stock at $62 per share as treasury stock for that purpose. Later in 2017, it resold 140 shares of the stock at $65 per share.

On December 31, 2017, Peeler determined its net income for the year to be $40,500. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividends will be paid in 2018.

Required:

Question Content Area

1. Develop the Stockholders' Equity category of Peeler's balance sheet as of December 31, 2017. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Peeler Company Partial Balance Sheet December 31, 2017

Stockholders' equity
Accounts payableCashDividendsPreferred stockPlant, property, and equipment	$- Select -
Account receivableAccounts payableCashCommon stockDividends	- Select -
Additional paid-in capital-preferred stockAccount receivableAccounts payableDividendsPlant, property, and equipment	- Select -
Additional paid-in capital-common stockAccounts payableAccount receivableCashDividends	- Select -
Additional paid-in capital-treasury stockAccount receivableAccounts payableDividendsPlant, property, and equipment	- Select -
Total contributed capital	$fill in the blank 19d648011f86066_11
Account receivableAccounts payableCashRetained earningsPlant, property, and equipment	- Select -
Account receivableAccounts payableCashPlant, property, and equipmentTreasury stock	- Select -
Total stockholders' equity	$fill in the blank 19d648011f86066_16

Question Content Area

2. Indicate on the statement the number of shares authorized, issued, and outstanding for both preferred and common stock.

	Preferred Stock	Common Stock
Number of shares authorized	fill in the blank 28a197fec005fa2_1	fill in the blank 28a197fec005fa2_2
Number of shares issued	fill in the blank 28a197fec005fa2_3	fill in the blank 28a197fec005fa2_4
Number of shares outstanding	fill in the blank 28a197fec005fa2_5	fill in the blank 28a197fec005fa2_6