time when the stock was selling for $68 per share. paid in 2018. Required

Peeler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 1, 100 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 12,000 shares of $5 par common stock. On January 10, Peeler issued for cash 480 shares of preferred stock at $125 per share and 4,300 shares of common stock at $80 per share. On January 20, it issued 1,100 shares of common stock to acquire a building site at a time when the stock was selling for $68 per share. During 2017, Peeler established an employee benefit plan and acquired 540 shares of common stock at $50 per share as treasury stock for that purpose. Later in 2017, it resold 120 shares of the stock at $68 per share. On December 31, 2017, Peeler determined its net income for the year to be $41,400. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividends will be paid in 2018. Required: 1. Develop the Stockholders' Equity category of Peeler's balance sheet as of December 31, 2017. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Peeler Company Partial Balance Sheet December 31, 2017 Stockholders' equity p erre stoc Additi6iiSl@dLiFiGb Total contributed capital tame earnin s yreasurv stoc Total stockholders' equity 4,000 27,500 404,500 484,560 20,230 23,780 481,010 2. Indicate on the statement the number of shares authorized, issued, and outstanding for both preferred and common stock. Preferred Stock Number of shares authorized Number of shares issued Number of shares outstanding Common Stock 12,000 5,500 5,090