Question: Steven s Restorations was organized in January 2011 During 2011 Steven s

Steven’s Restorations was organized in January 2011. During 2011, Steven’s engaged in the following stockholders’ equity activities:
a. Secured approval for a corporate charter that authorizes Steven’s to sell 1,000,000, $10 par common shares and 75,000, $100 par preferred shares.
b. Sold 480,000 of the common shares for $15 per share.
c. Sold 25,000 of the preferred shares for $105 per share.
d. Repurchased 2,000 shares of the common stock at a cost of $18 per share.
e. Earned net income of $107,000.
f. Paid dividends of $13,000.

Prepare the stockholders’ equity portion of Steven’s balance sheet as of December 31, 2011.

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  • CreatedSeptember 22, 2015
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