On December 31, 2016, Cullumber Company had 1,275,000 shares of $5 par common stock issued...
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Accounting
On December 31, 2016, Cullumber Company had 1,275,000 shares of $5 par common stock issued and outstanding. At December 31, 2016, stockholders equity had the amounts listed here.
Common Stock
$6,375,000
Additional Paid-in Capital
1,725,000
Retained Earnings
1,130,000
Transactions during 2017 and other information related to stockholders equity accounts were as follows.
1.
On January 10, 2017, issued at $114 per share 128,000 shares of $102 par value, 8% cumulative preferred stock.
2.
On February 8, 2017, reacquired 13,700 shares of its common stock for $14 per share.
3.
On May 9, 2017, declared the yearly cash dividend on preferred stock, payable June 10, 2017, to stockholders of record on May 31, 2017.
4.
On June 8, 2017, declared a cash dividend of $1.25 per share on the common stock outstanding, payable on July 10, 2017, to stockholders of record on July 1, 2017.
5.
Net income for the year was $3,683,000.
Prepare the stockholders equity section of Cullumber balance sheet at December 31, 2017.
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