Use the following to answer questions 6-12 The company has two classes of stock authorized: $50.00 par preferred and $0.10 par value common. As of the beginning of 20XC, 5,000 shares of preferred stock and 250,000 shares of common stock have been issued. Record the following transactions to complete the Statement of Stockholders' Equity: Issue 1,000 additional shares of preferred stock for $51.00 per share Issue 100,000 additional shares of common stock for $25 per share Declare a cash dividend on both common and preferred stock of $1.00 per share to all stockholders of record on June 15. Pay the cash dividend declared on June 1. Repurchase 10,000 shares of common treasury stock for $30.00 per share Reissue 7,000 shares of treasury stock purchased on August 1 for $35.00 per share Net Income for the year was $750,000 The beginning balances are shown below. Complete the Statement of Stockholders' Equity using the above information: 1-Mar 1-Apr 1-Jun 30-Jun 1-Aug 1-Oct 31-Dec Preferred Stock $250,000 Beginning balance 20XC Issuance of stock Net income for the year Less: Dividends Purchase of Treasury Sale of Treasury Ending balance 20XC Then answer the following questions: Common Stock $25,000 Effect on Stockholders' Equity Additional Paid-in Capital $3,475,000 mm Retained Earnings $1,000,000 Treasury Stock $0 Total Stockholders' Equity $4,750,000

Use the following to answer questions 6-12 The company has two classes of stock authorized: $50.00 par preferred and 50.10 par value common. As of the beginning of 20XC, 5,000 shares of preferred stock and 250,000 shares of common stock have been issued. Record the following transactions to complete the Statement of Stockholders' Equity: 1-Mar 1-Apr 1-Jun 30-Jun 1-Aug 1-Oct Issue 1,000 additional shares of preferred stock for $51.00 per share Issue 100,000 additional shares of common stock for $25 per share Declare a cash dividend on both common and preferred stock of $1.00 per share to all stockholders of record on June 15. Pay the cash dividend declared on June 1 Repurchase 10,000 shares of common treasury stock for $30.00 per share Reissue 7,000 shares of treasury stock Effect on Stockholders' Equity 31-Dec purchased on August 1 for $35.00 per share Net income for the year was $750,000 The beginning balances are shown below. Complete the Statement of Stockholders' Equity using the above information: Preferred Stock Beginning balance 20XC $250,000 Common Stock $25,000 Additional Paid-in Capital $3,475,000 Retained Earnings $1,000,000 Treasury Total Stockholders' Stock $0 Equity $4,750,000 Issuance of stock Net income for the year Less: Dividends Purchase of Treasury Sale of Treasury Ending balance 20xc Then answer the following questions: