Concord Company was formed on December 1, 2016. It was authorized to issue 1,000,000 shares of $5 par value common stock and 210,000 shares of 4% $100 par value, cumulative and nonparticipating preferred stock. Concord Company has a July 1–June 30 fiscal year.

The following information relates to the stockholders’ equity accounts of Concord Company.

Common Stock
Prior to the 2020–21 fiscal year, Concord Company had 315,000 shares of outstanding common stock issued as follows.

1.		221,000 shares were issued for cash on July 1, 2016, at $24 per share.
2.		On August 4, 2018, 27,000 shares were exchanged for an office building and warehouse which cost the seller $451,000 in 1993 and had an estimated fair value of $596,000 on August 4, 2018.
3.		67,000 shares were issued on November 1, 2019, for $27 per share.

During the 2020–21 fiscal year, the following transactions regarding common stock took place.

August 31, 2020		Concord purchased 4,500 shares of its own stock on the open market at $29 per share. Concord uses the cost method for treasury stock.
December 1, 2020		Concord declared a 6% stock dividend for stockholders of record on December 20, 2020, to be issued on January 15, 2021. Concord was having a liquidity problem and could not afford a cash dividend at the time. Concord’s common stock was selling at $30 per share on December 1, 2020.
June 20, 2021		Concord sold 1,700 shares of its own common stock that it had purchased on August 31, 2020, for $32,000.

Preferred Stock
Concord issued 19,000 shares of preferred stock at $106 per share on October 1, 2019.

Cash Dividends
Concord has followed a schedule of declaring cash dividends in December and June, with payment being made to stockholders of record in the following month. The cash dividends which have been declared since inception of the company through June 30, 2021, are shown below.

 

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Declaration Common Preferred Date Stock Stock 6/1/18 $0.50 per share 12/1/19 $0.50 per share $2.00 per share 6/1/20 $0.40 per share $2.00 per share 12/1/20 $2.00 per share No cash dividends were declared during June 2021 due to the company's liquidity problems. Retained Earnings As of June 30, 2020, Concord's retained earnings account had a balance of $808,000. For the fiscal year ending June 30, 2021, Concord reported net income of $33,000. Prepare the stockholders' equity section of the balance sheet, for Concord Company as of June 30, 2021, as it should appear in its annual report to the shareholders. (Enter account name only and do not provide descriptive information.) Declaration Common Preferred Date Stock Stock 6/1/18 $0.50 per share 12/1/19 $0.50 per share $2.00 per share 6/1/20 $0.40 per share $2.00 per share 12/1/20 $2.00 per share No cash dividends were declared during June 2021 due to the company's liquidity problems. Retained Earnings As of June 30, 2020, Concord's retained earnings account had a balance of $808,000. For the fiscal year ending June 30, 2021, Concord reported net income of $33,000. Prepare the stockholders' equity section of the balance sheet, for Concord Company as of June 30, 2021, as it should appear in its annual report to the shareholders. (Enter account name only and do not provide descriptive information.)

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