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Wildhorse Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were
Wildhorse Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders equity.
Preferred Stock, 159,600 shares | $ 3,192,000 | |
Common Stock, 1,970,000 shares | 9,850,000 | |
Paid-in Capital in Excess of ParPreferred Stock | 193,000 | |
Paid-in Capital in Excess of ParCommon Stock | 27,534,000 | |
Retained Earnings | 4,424,000 |
The following transactions affected stockholders equity during 2021.
Jan. 1 | 29,100 shares of preferred stock issued at $22 per share. | |
Feb. 1 | 47,100 shares of common stock issued at $20 per share. | |
June 1 | 2-for-1 stock split (par value reduced to $2.50). | |
July 1 | 32,500 shares of common treasury stock purchased at $11 per share. Wildhorse uses the cost method. | |
Sept. 15 | 10,400 shares of treasury stock reissued at $12 per share. | |
Dec. 31 | The preferred dividend is declared, and a common dividend of 46 per share is declared. | |
Dec. 31 | Net income is $2,112,000. |
Prepare the stockholders equity section for Wildhorse Company at December 31, 2021.
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