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Prepare the stockholders equity section for Reynolds Company at December 31, 2016. Show all supporting computations.

Reynolds Company has two classes of capital stock outstanding: 8%, $30 par preferred and $10 par common. At December 31, 2015, the following accounts were included in stockholders equity.

Preferred Stock, 150,000 shares $ 4,500,000

Common Stock, 2,000,000 shares 20,000,000

Paid-in Capital in Excess of ParPreferred 300,000

Paid-in Capital in Excess of ParCommon 41,000,000

Retained Earnings 7,526,000

The following transactions affected stockholders equity during 2016.

Jan. 1 25,000 shares of preferred stock issued at $42 per share.

Feb. 1 35,000 shares of common stock issued at $20 per share.

June 1 2-for-1 stock split (par value reduced to $5.00).

July 1 30,000 shares of common treasury stock purchased at $19 per share. Reynolds uses the cost method.

Sept. 15 10,000 shares of treasury stock reissued at $21 per share.

Dec. 31 The preferred dividend is declared, and a common dividend of 35 per share is declared.

Dec. 31 Net income is $3,175,000.