Stockholder's equity | ||
Paid in capital | ||
Capital stock | ||
Preferred stock [ Number of preferred shares * Par value = 119,000 * $100 ] |
$11,900,000 | |
Common stock | $6,475,000 | |
Total capital stock | $18,375,000 | |
Additional paid-in capital | ||
Paid-in capital in excess of par value ( Preferred stock ) [ ( Issue price - Par value ) * Number of preferred shares issued = ( $105 - $100 ) * 119,000 ] |
$595,000 | |
Paid-in capital in excess of par value ( Common stock ) | $1,730,000 | |
Total additional paid-in capital | $2,325,000 | |
Total paid-in capital | $20,700,000 | |
Retained earnings ( refer working note ) | $1,796,890 | |
Total paid-in capital and retained earnings | $22,496,890 | |
Less : Treasury stock ( 16,700 shares * $15 ) |
( $250,500 ) | |
Total stockholder's equity | $22,246,390 |
Working note :
Retained earnings calculation :
Opening retained earnings | $1,205,000 |
(+) Net income | $3,598,000 |
(-) Preferred dividend [ 119,000 shares * $100 * 7% ] |
( $833,000 ) |
(-) Common dividend [ ( 1,295,000 shares - 16,700 shares ) * $1.7 ] |
( $2,173,110 ) |
Ending retained earnings | $1,796,890 |
Question 14 On December 31,2016, Sandhill Co. had 1.295,000 shares of $ 5 par common stock...
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