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Teal Company reported the following amounts in the stockholders equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $100 par (10,000 shares
Teal Company reported the following amounts in the stockholders equity section of its December 31, 2019, balance sheet.
Preferred stock, 10%, $100 par (10,000 shares authorized, 2,200 shares issued) | $220,000 | |
Common stock, $5 par (95,500 shares authorized, 19,100 shares issued) | 95,500 | |
Additional paid-in capital | 136,000 | |
Retained earnings | 455,000 | |
Total | $906,500 |
During 2020, Teal took part in the following transactions concerning stockholders equity.
1. | Paid the annual 2019 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. | |
2. | Purchased 1,700 shares of its own outstanding common stock for $42 per share. Teal uses the cost method. | |
3. | Reissued 800 treasury shares for land valued at $34,600. | |
4. | Issued 460 shares of preferred stock at $105 per share. | |
5. | Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share. | |
6. | Issued the stock dividend. | |
7. | Declared the annual 2020 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021. |
Prepare the December 31, 2020, stockholders equity section. Assume 2020 net income was $314,000. (Enter account name only .Do not provide any descriptive information.) TEAL COMPANY
STOCKHOLDERS' EQUITY
DECEMBER 31,2020
CAPITAL STOCK | |
COMMON STOCK | ? |
PREFERRED STOCK | ? |
TOTAL CAPITAL STOCK | ? |
ADDITIONAL PAID-IN CAPITAL | ? |
TOTAL PAID IN CAPITAL | ? |
RETAINED EARNINGS | ? |
TOTAL PAID IN CAPITAL AND RETAINED EARNINGS | ? |
LESS: TREASURY STOCK | ? |
TOTAL STOCK HOLDERS' EQUITY | ? |
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