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Your answer is partially correct. Try again. Novak Company has two classes of capital stock outstanding: 9%, $20 par preferred and $5 par common. At

Your answer is partially correct. Try again.

Novak Company has two classes of capital stock outstanding: 9%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders equity.

Preferred Stock, 165,000 shares $ 3,300,000
Common Stock, 2,018,000 shares 10,090,000
Paid-in Capital in Excess of ParPreferred Stock 204,000
Paid-in Capital in Excess of ParCommon Stock 27,531,000
Retained Earnings 4,490,000

The following transactions affected stockholders equity during 2018.

Jan. 1 29,100 shares of preferred stock issued at $24 per share.
Feb. 1 49,800 shares of common stock issued at $21 per share.
June 1 2-for-1 stock split (par value reduced to $2.50).
July 1 29,400 shares of common treasury stock purchased at $9 per share. Novak uses the cost method.
Sept. 15 9,400 shares of treasury stock reissued at $12 per share.
Dec. 31 The preferred dividend is declared, and a common dividend of 51 per share is declared.
Dec. 31 Net income is $2,123,000.

Prepare the stockholders equity section for Novak Company at December 31, 2018

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