Question: Can someone please help with this? I keep getting retained earnings incorrect and have done it several different ways. Bonita Company has two classes of
Can someone please help with this? I keep getting retained earnings incorrect and have done it several different ways.

Bonita Company has two classes of capital stock outstanding: 9%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity Preferred Stock, 149,800 shares Common Stock, 2,026,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings 2,996,000 10,130,000 195,000 27,225,000 4,572,000 The following transactions affected stockholders' equity during 2021. Jan. 1 31,800 shares of preferred stock issued at $23 per share. Feb. 1 54,400 shares of common stock issued at $19 per share. 1-Jun 2-for-1 stock split (par value reduced to $2.50). 1-Jul 27,600 shares of common treasury stock purchased at $10 per share. Bonita uses the cost method. Sept. 15 10,300 shares of treasury stock reissued at $11 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 450 per share is declared. Dec. 31 Net income is $2,075,000. Prepare the stockholders' equity section for Bonita Company at December 31, 2021. 181600 79965 14,034,000 Bonita Company Balance Sheet As on December 31, 2020 Capital Stock: Preferred Stock 3,632,000 Common Stock 10,402,000 Additional Paid-in Capital Paid-in Capital in Excess of Par- 290,400 Paid-in Capital in Excess of Par - 27,986,600 Paid-in Capital from Treasury St 10,300 Total Paid-In Capital 42,321,300 Add: Retained Earning 6,240,155 Total Paid-In Capital and RE 48,561,455 Less: Treasury Stock 173,000 Total SHE 48,388,455 Beginning Balance of RE Preferred Dividends Common Dividends Net Income 4,572,000 326,880.00 79965 2075000 6,240,155.00 28,287,300
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