Monty 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, 141,000 shares | $ 2,820,000 | |
Common Stock, 2,000,000 shares | 10,000,000 | |
Paid-in Capital in Excess of Par—Preferred Stock | 194,000 | |
Paid-in Capital in Excess of Par—Common Stock | 26,877,000 | |
Retained Earnings | 4,562,000 |
The following transactions affected stockholders’ equity during
2021.
Jan. 1 | 31,500 shares of preferred stock issued at $22 per share. | |
Feb. 1 | 51,100 shares of common stock issued at $19 per share. | |
June 1 | 2-for-1 stock split (par value reduced to $2.50). | |
July 1 | 28,600 shares of common treasury stock purchased at $11 per share. Monty uses the cost method. | |
Sept. 15 | 9,100 shares of treasury stock reissued at $12 per share. | |
Dec. 31 | The preferred dividend is declared, and a common dividend of 50¢ per share is declared. | |
Dec. 31 | Net income is $2,090,000. |
Prepare the stockholders’ equity section for Monty Company at
December 31, 2021.
Monty Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par...
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