On January 1, 2017 the Queens Company reported the following stockholders equity: On January 4, the company

Question:

On January 1, 2017 the Queens Company reported the following stockholders€™ equity:

On January 4, the company purchased 10,000 shares of its own stock at $ 25 per share to be held as treasury stock. On June 30, the company declared a $ 2 per share cash dividend to be paid on July 7. Net income for the year ended December 31 amounted to $ 280,000. Prepare the stockholders€™ equity section of the Queens Company€™s balance sheet at December 31, 2017.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...