On January 1, 2013, Osgood Film Studios reported the following alphabetical list of shareholders' equity items: Additional

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On January 1, 2013, Osgood Film Studios reported the following alphabetical list of shareholders' equity items:

Additional paid-in capital on common stock.........................$170,000

Additional paid-in capital on preferred stock...........................12,000

Common stock, $2 par......................................................80,000

Preferred stock, $100 par...................................................60,000

Retained earnings..........................................................209,000

During 2013, the company sold 3,000 shares of common stock for $10 per share and 500 shares of preferred stock for $125 per share. It also earned income of $99,000 and paid dividends of $8 per share on the preferred stock and $1.50 per share on the common stock outstanding at the end of 2013.

Required:

Prepare Osgood's statement of shareholders' equity (include retained earnings) for 2013.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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Related Book For  book-img-for-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1111822361

1st edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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