When Resistor Systems. Inc.. was formed, the company was authorized to issue 5.000 shares of $100 par value. 8 percent cumulative preferred stock, and 100.000 shares of $2 stated value common stock.
Half of the preferred stock was issued at a price of $ 103 per share, and 70,000 shares of the common stock were sold for Sl3 per share. At the end of the current year. Resistor has retained earnings of $382,000.
a. Prepare the stockholder’s equity section of the company’s balance sheet at the end of the current year.
b. Assume Resisto Systems’s common stock is trading at $24 per share and its preferred stock is trading at S107 per share at the end of the current year. Would the stockholder’s equity section prepared in part a be affected by this additional information?
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