Question

Dirk Company reported the following balances at December 31, 2016: common stock $500,000, paid-in capital in excess of par value—common stock $100,000, and retained earnings $250,000. During 2017, the following transactions affected stockholders’ equity.
1. Issued preferred stock with a par value of $125,000 for..... $200,000.
2. Purchased treasury stock (common) for............ $40,000.
3. Earned net income of ................... $180,000.
4. Declared and paid cash dividends of .............. $56,000.

Instructions
Prepare the stockholders’ equity section of Dirk Company’s December 31, 2017, balance sheet.



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  • CreatedMarch 02, 2015
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