The following is a summary of all relevant transactions of Skysong Corporation since it was organized in 2020. In 2020, 15400 shares were authorized and 7600 shares of common stock ($60 par value) were issued at a price of $67. In 2021, 1100 shares were issued as a stock dividend when the stock was selling for $69.270 shares of common stock were bought in 2022 at a cost of $73 per share. These 270 shares are still in the company treasury. In 2021, 9600 preferred shares were authorized and the company issued 4700 of them ($100 par value) at $120. Some of the preferred stock was reacquired by the company and later reissued for $4380 more than it cost the company. The corporation has earned a total of $611700 in net income after income taxes and paid out a total of $339800 in cash dividends since incorporation Prepare the stockholders' equity section of the balance sheet in proper form for Skysong Corporation as of December 31, 2022. Account for treasury stock using the cost method. (Enter account name only. Do not provide descriptive information) Flounder 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, 1900 shares issued) $190000 Common stock, $5 par (109500 shares authorized, 21900 shares issued) 109500 Additional paid-in capital 117000 Retained earnings 453000 Total $869500 During 2020. Flounder 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 1600 shares of its own outstanding common stock for $37 per share. Flounder uses the cost method. 3. Reissued 600 treasury shares for land valued at $27400. 4. Issued 480 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 $47 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. The following is a summary of all relevant transactions of Skysong Corporation since it was organized in 2020. In 2020, 15400 shares were authorized and 7600 shares of common stock ($60 par value) were issued at a price of $67. In 2021, 1100 shares were issued as a stock dividend when the stock was selling for $69.270 shares of common stock were bought in 2022 at a cost of $73 per share. These 270 shares are still in the company treasury. In 2021, 9600 preferred shares were authorized and the company issued 4700 of them ($100 par value) at $120. Some of the preferred stock was reacquired by the company and later reissued for $4380 more than it cost the company. The corporation has earned a total of $611700 in net income after income taxes and paid out a total of $339800 in cash dividends since incorporation Prepare the stockholders' equity section of the balance sheet in proper form for Skysong Corporation as of December 31, 2022. Account for treasury stock using the cost method. (Enter account name only. Do not provide descriptive information) Flounder 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, 1900 shares issued) $190000 Common stock, $5 par (109500 shares authorized, 21900 shares issued) 109500 Additional paid-in capital 117000 Retained earnings 453000 Total $869500 During 2020. Flounder 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 1600 shares of its own outstanding common stock for $37 per share. Flounder uses the cost method. 3. Reissued 600 treasury shares for land valued at $27400. 4. Issued 480 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 $47 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
