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The shareholders' equity portion of the balance sheet of Sessel's Department Stores, Inc., a large regional specialty retailer, is as follows: SESSEL'S DEPARTMENT STORES, INC.
The shareholders' equity portion of the balance sheet of Sessel's Department Stores, Inc., a large regional specialty retailer, is as follows: SESSEL'S DEPARTMENT STORES, INC. Comparative Balance Sheets Shareholders' Equity Section (values and shares in thousands, except per share amounts) Dec.31, 2022 Dec. 31, 2021 Shareholders' Equity Preferred stock-$1 par value; 20,000 total shares authorized, Series A-600 shares authorized, issued, and outstanding, $ 57,700 $ $50 per share liquidation preference Series B-33 shares authorized, no shares outstanding Common stock-$0.10 par; 200,000 shares authorized, 19,940 and 18,580 shares issued and outstanding at Dec. 31, 2022, and Dec. 31, 2021, respectively Additional paid-in capital 1,994 227,992 1,858 201,430 Retained income 73,666 44,798 Total shareholders' equity $361,352 $248,086 Disclosures elsewhere in Sessel's annual report revealed the following changes in shareholders' equity accounts for 2022, 2021, 2020: 2022: 1. The only changes in retained earnings during 2022 were preferred dividends on preferred stock of $3,388,000 and net income. 2. The preferred stock is convertible. During the year, 6,592 shares (Series B) were issued. All shares were converted into 320,000 shares of common stock. No gain or loss was recorded on the conversion. 3. Common shares were issued in a public offering and upon the exercise of stock options. On the statement of shareholders' equity, Sessel's reports these two items on a single line entitled: "Issuance of shares." 2021: 1. Net income: $12,126,000. 2. Issuance of common stock: 5,580,000 shares at $112,706,000. 2020: 1. Net income: $13,494,000. 2. Issuance of common stock: 120,000 shares at $826,000. Required: From these disclosures, prepare comparative statements of shareholders' equity for 2022, 2021, and 2020. (Negative amounts should be indicated by a minus sign. Enter your answers in thousands (000's).) SESSEL'S DEPARTMENT STORES, INC. Statement of Shareholders' Equity For the Years Ended December 31, 2022, 2021, and 2020 (values and shares in whole dollars) Additional Retained Preferred Stock Common Stock Paid-in Total Shareholders' Equity Earnings Capital Dec. 31, 2019 Net income Issuance of common stock Dec. 31, 2020 Net income Issuance of common stock Dec. 31, 2021 Net income Issuance of shares Conversion of Series B preferred stock Preferred dividends Dec. 31, 2022 Series A Series B
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