Sheffield Company has two classes of capital stock outstanding: 7%, $100 par preferred and $2 par...

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Sheffield Company has two classes of capital stock outstanding: 7%, $100 par preferred and $2 par...

Sheffield Company has two classes of capital stock outstanding: 7%, $100 par preferred and $2 par common. At December 31, 2017, the following accounts were included in stockholders’ equity.

Preferred Stock, 50,000 shares		$ 5,000,000
Common stock, 1,200,000 shares		2,400,000
Paid-in Capital in Excess of Par – Preferred Stock		300,000
Paid-in Capital in Excess of Par – Common Stock		28,800,000
Retained Earnings		12,800,000

The following transactions affected stockholders’ equity during 2018.

Jan. 1	-	500 shares of preferred stock issued at $ 108 per share.
Mar. 21	-	110,000 shares of common stock issued at $ 40 per share.
June 1	-	2-for-1 common stock split (par value reduced to $1).
July 15	-	77,000 shares of common treasury stock purchased at $ 32 per share. Sheffield uses the cost method.
Sept. 4	-	9,000 shares of treasury stock reissued at $ 38 per share.
Dec. 31	-	The preferred dividend is declared, and a common dividend of 68¢ per share is declared.
Dec. 31	-	Net income is $ 4,587,000.

Prepare the stockholders’ equity section for Hatch Company at December 31, 2018.

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