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The Golden Mushroom has two classes of stock authorized: 9%,$10 par preferredi and $1 par value common. The following transactions affect stockholders' equity during 2024.
The Golden Mushroom has two classes of stock authorized: 9%,$10 par preferredi and $1 par value common. The following transactions affect stockholders' equity during 2024. its first year of operations: January 2 Issues 100,000 shares of connon stock for $16 per share. February 6 : Issues 1,100 shares of 9x preferred stock for S11 per share. Septenber 10 Purchases 11,000 shares of its oun connon stock for $21 per share. December 15 Resells 5,500 shares of treasury stock at $26 per share. In its first year of operations. The Golden Mushroom has net income of $141,000 and pays dividends at the end of the year of $94,500 (\$1 per share) on all common shares outstanding and $990 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for The Golden Mushroom as of December 31,2024 . (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct
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