Exercise 11-15 (Algo) Preparing stockholders' equity section LO P1, C2, P3, C3 In Draco Corporation's...
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Exercise 11-15 (Algo) Preparing stockholders' equity section LO P1, C2, P3, C3 In Draco Corporation's first year of business, the following transactions affected its equity accounts. Issued 4,200 shares of $2 par value common stock for $20. It authorized 20,000 shares. Issued 1,050 shares of 12%, $10 par value preferred stock for $25. It authorized 3,000 shares. Reacquired 210 shares of common stock for $32 each. Retained earnings is impacted by reported net income of $52,000 and cash dividends of $16,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. (Amounts to be deducted should be indicated by a minus sign.) DRACO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total stockholders' equity
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