How do you Prepare the journal entry required to record the preferred stock issue?
How to Prepare the journal entries required to record the declaration and payment of the cash dividends?
How to Prepare the stockholders' equity section of the balance sheet at the end of the year?
Using the information below
Stockholders' Equity
Contributed Capital:
Common Stock, $3 par value, 2,375,000 authorized and 750,000
$2,250,000
shares issued, and 697,000 shares outstanding
Additional Paid-in Capital in Excess of Par - Common
20,120,000
Total Contributed Capital
$22,370,000
Retained Earnings
7,700,000
Accumulated Other Comprehensive Income (Loss)
897,000
Less: Treasury Stock (53,000 common shares at cost)
(1,802,000)
Total Stockholders' Equity
$29,165,000