Stockholders' Equity Section of the Balance Sheet Prepare the stockholders' equity section of the Fremantle Corporation's...

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Stockholders' Equity Section of the Balance Sheet Prepare the stockholders' equity section of the Fremantle Corporation's balance sheet. 8 Percent preferred stock, $90 par value, 20,000 shares authorized: 4,000 shares issued and outstanding Common stock, $3 par value, 10,000 shares $360,000 authorized; 40,000 shares issued and outstanding 120,000 Paid-in capital in excess of par value-Preferred stock 200,000 Paid-in capital in excess of par value-Common stock 800,000 Retained earnings 550,000 Total Stockholders' Equity $2,030,000 The following transactions, among others, occurred during the year: Jan. 1 Announced a 2-for-1 common stock split, reducing the par value of the common stock to $1.50 per share Mar. 31 Converted $60,000 face value of convertible bonds payable (the book value of the bonds was $63,000 to common stock. Each $1,000 bond converted to 125 shares of common stock June 1 Acquired equipment with a fair market value of $50,000 in exchange for 300 shares of preferred stock Sept 1 Acquired 10,000 shares of common stock for cash at $25 per share. Nov. 21 Issued 5,000 shares of common stock at $27 cash per share. Dec 28 Sold 1,000 treasury shares at $28 per share 31 Closed net income of $105,000, to the Retained Earnings account Do not use negative signs with your answers. 651 PM Stockholders' Equity Section of the Balance Sheet Prepare the stockholders' equity section of the Fremantle Corporation's balance sheet. 8 Percent preferred stock, $90 par value, 20,000 shares authorized: 4,000 shares issued and outstanding Common stock, $3 par value, 10,000 shares $360,000 authorized; 40,000 shares issued and outstanding 120,000 Paid-in capital in excess of par value-Preferred stock 200,000 Paid-in capital in excess of par value-Common stock 800,000 Retained earnings 550,000 Total Stockholders' Equity $2,030,000 The following transactions, among others, occurred during the year: Jan. 1 Announced a 2-for-1 common stock split, reducing the par value of the common stock to $1.50 per share Mar. 31 Converted $60,000 face value of convertible bonds payable (the book value of the bonds was $63,000 to common stock. Each $1,000 bond converted to 125 shares of common stock June 1 Acquired equipment with a fair market value of $50,000 in exchange for 300 shares of preferred stock Sept 1 Acquired 10,000 shares of common stock for cash at $25 per share. Nov. 21 Issued 5,000 shares of common stock at $27 cash per share. Dec 28 Sold 1,000 treasury shares at $28 per share 31 Closed net income of $105,000, to the Retained Earnings account Do not use negative signs with your answers. 651 PM