Question

Statement of Shareholders' Equity On January 1, 2019, Osgood Film Studios reported the following alphabetical list of shareholders' equity items: Additional paid-in capital on common stock $135,150 Additional paid-in capital on preferred stock 19,000 Common stock, $2 par 63,600 Preferred stock, $100 par 95,000 Retained earnings 174,000 During 2019, the company sold 2,800 shares of common stock for $13 per share and 380 shares of preferred stock for $128 per share. It also earned income of $82,000 and paid dividends of $6 per share on the preferred stock and $1.90 per share on the common stock outstanding at the end of 2019. Required: Prepare Osgood's statement of shareholders' equity (include retained earnings) for 2019.

Please explain how to get the answers to the missing blanks.

Answer 1

			PS	CS	Addittional	Addittional	Retained	Total
			100 par	$2 par	PS	CS	Earnings
Balance 1/1/19			95,000	63,600	19,000	135,150	174,000	486,750
Common stock issued				5600		30800		36400		(2800*(11)	for addittional
Preferred stock issued			38000		10640			48640		(380*28)	for addittional
Net income							82,000	82000
Cash dividend paid on preferred							-7980	-7980
Cash dividend paid on common							-65740	-65740
Balances 12/31/19			133,000	69,200	29,640	165,950	182,280	580,070
		Cash dividend on PS		(950+380)*6=		7980
		Cash dividend on CS		(31800+2800)*1.9=		65740