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 15,000 shares of $5 par common stock. On January 10, Peeler issued for cash 430 shares of preferred stock at $126 per share and 3,900 shares of common stock at $83 per share. On January 20, it issued 1,200 shares of common stock to acquire a building site at a time when the stock was selling for $68 per share.

During 2017, Peeler established an employee benefit plan and acquired 510 shares of common stock at $58 per share as treasury stock for that purpose. Later in 2017, it resold 100 shares of the stock at $68 per share.

On December 31, 2017, Peeler determined its net income for the year to be $40,100. 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.

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