Problem 15-03
Kingbird Company has two classes of capital stock outstanding:
8%, $20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 152,800 shares | $ 3,056,000 | |
Common Stock, 1,998,000 shares | 9,990,000 | |
Paid-in Capital in Excess of Par—Preferred Stock | 200,000 | |
Paid-in Capital in Excess of Par—Common Stock | 26,724,000 | |
Retained Earnings | 4,571,000 |
The following transactions affected stockholders’ equity during
2021.
Jan. 1 | 27,600 shares of preferred stock issued at $24 per share. | |
Feb. 1 | 51,100 shares of common stock issued at $20 per share. | |
June 1 | 2-for-1 stock split (par value reduced to $2.50). | |
July 1 | 27,400 shares of common treasury stock purchased at $10 per share. Kingbird uses the cost method. | |
Sept. 15 | 9,400 shares of treasury stock reissued at $11 per share. | |
Dec. 31 | The preferred dividend is declared, and a common dividend of 55¢ per share is declared. | |
Dec. 31 | Net income is $2,076,000. |
Prepare the stockholders’ equity section for Kingbird Company at
December 31, 2021.
Stockholders' Equity | ||
December 31, 2021 | ||
Capital Stock | ||
Preferred Stock | 3608000 | |
Common Stock | 10245500 | |
Total Capital Stock | 13853500 | |
Additional Paid-in Capital | ||
Paid-in Capital in Excess of Par - Common Stock | 27490500 | |
Paid-in Capital in Excess of Par - Preferred Stock | 310400 | |
Paid-in Capital from Treasury Stock | 9400 | |
27810300 | ||
Total Paid-in Capital | 41663800 | |
Retained Earnings | 4114250 | |
Total Paid-in Capital and Retained Earnings | 45778050 | |
Less: | ||
Treasury Stock | 180000 | |
Total Stockholders' Equity | 45598050 |
Problem 15-03 Kingbird Company has two classes of capital stock outstanding: 8%, $20 par preferred and...
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