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The Clothing Cove has two classes of stock authorized: 9%. $10 par preferred, and 51 par value common. The foltowing transactions affect stockholders' equity during
The Clothing Cove has two classes of stock authorized: 9%. $10 par preferred, and 51 par value common. The foltowing transactions affect stockholders' equity during 2024. its first year of operations: Jahuary 2 Issues 100 , eae shores of comnon stack for $26 per share. February 6 Issues 2,100 shares of 90 preferred stock for $11 per share. Sestenber 10 Purchases 11, eea shares of its on canton stock for 531 per share. Decenter is Resells 5, sea vares of treasury stock at sM per shate. In its first year of operations, The Clathing Cove has net income of $151,000 and pays dividends at the end of the year of $94,500 i $1 per share) on all common shares outstanding and $1,890 on al preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for The Clothing Cove as of December 3t, 2024. (Amounts to be deducted should be indicated by a minus sign.)
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