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Finishing Touches has two classes of stock authorized: 8%, $8 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2012, its first year of operations:

January 2 Issues 120,000 shares of common stock for $30 per share.
February 6 Issues 2,600 shares of 8% preferred stock for $25 per share.
September 10 Repurchases 10,500 shares of its own common stock for $37 per share.
December 15 Reissues 5,600 shares of treasury stock at $46 per share.


In its first year of operations, Finishing Touches has income of $154,000 and pays dividends at the end of the year of $115,100 ($1 per share) on all common shares outstanding and $1,664 on all preferred shares outstanding.

Required:

Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2012. (Amounts to be deducted should be indicated with a minus sign. Omit the "tiny_mce_markerquot; sign in your response.)

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939814

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