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Exercise 15-18 (Part Level Submission) Cheyenne Company reported the following amounts in the stockholders’ equity section of...

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Accounting

Exercise 15-18 (Part Level Submission)

Cheyenne Company reported the following amounts in thestockholders’ equity section of its December 31, 2016, balancesheet.

Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000shares issued)$200,000
Common stock, $5 par (107,000 shares authorized, 21,400 sharesissued)107,000
Additional paid-in capital127,000
Retained earnings491,000
   Total$925,000


During 2017, Cheyenne took part in the following transactionsconcerning stockholders’ equity.

1.Paid the annual 2016 $10 per share dividend on preferred stockand a $2 per share dividend on common stock. These dividends hadbeen declared on December 31, 2016.
2.Purchased 1,800 shares of its own outstanding common stock for$41 per share. Cheyenne uses the cost method.
3.Reissued 800 treasury shares for land valued at $33,700.
4.Issued 520 shares of preferred stock at $105 per share.
5.Declared a 10% stock dividend on the outstanding common stockwhen the stock is selling for $44 per share.
6.Issued the stock dividend.
7.Declared the annual 2017 $10 per share dividend on preferredstock and the $2 per share dividend on common stock. Thesedividends are payable in 2018.

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