The balance sheet of Harris Hats, Inc., included the following shareholders' equity accounts at December 31,...

 

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The balance sheet of Harris Hats, Inc., included the following shareholders' equity accounts at December 31, 2021: Paid in Capital: Preferred stock, $10 par, 10%, 90,000 shares authorized, 50,000 shares issued and outstanding Common Stock, $1 par, 3,000,000 shares authorized, 565,000 shares issued APIC-PS APIC-CS Total Paid in Capital Retained Earnings Treasury stock, 5,000 shares at cost Total Shareholders' Equity During 2022, the following events and transactions occurred: On February 2nd, the board of directors declared a property dividend of 100,000 shares of Dawson Corporation common stock that Harris had purchased in January as an investment with a cost basis of $775,000. The investment shares had a fair value of $10 per share and were distributed February 28th to shareholders of record February 15th ● ● ● $500,000 5,600,000 5,096,000 $11,761,000 8,750,900 -95,000 $20,416,900 565,000 Prepare the shareholders' equity section of the balance sheet for Harris Hats, Inc, at December 31, 2022 in good form. Make sure to appropriate title and order the information. On March 15th, a 4-for-1 stock split was declared and distributed. The stock split was effected in the form of a stock dividend. The market value of the $1 par common stock was $22 per share. On July 5th, a 5% common stock dividend was declared and distributed. The market value of the common stock was $21 per share. On December 1st, the board of directors declared the annual cash dividend of 10% on the 50,000 preferred shares, payable on December 28th to shareholders of record December 20th On December 1st, the board of directors declared a cash dividend of $0.40 per share on its common shares, payable on December 28th to shareholders of record December 20th On December 29th, the company reacquired 10,000 shares of common stock at a price of $11 per share. Net income for the year was $9,999,000. The balance sheet of Harris Hats, Inc., included the following shareholders' equity accounts at December 31, 2021: Paid in Capital: Preferred stock, $10 par, 10%, 90,000 shares authorized, 50,000 shares issued and outstanding Common Stock, $1 par, 3,000,000 shares authorized, 565,000 shares issued APIC-PS APIC-CS Total Paid in Capital Retained Earnings Treasury stock, 5,000 shares at cost Total Shareholders' Equity During 2022, the following events and transactions occurred: On February 2nd, the board of directors declared a property dividend of 100,000 shares of Dawson Corporation common stock that Harris had purchased in January as an investment with a cost basis of $775,000. The investment shares had a fair value of $10 per share and were distributed February 28th to shareholders of record February 15th ● ● ● $500,000 5,600,000 5,096,000 $11,761,000 8,750,900 -95,000 $20,416,900 565,000 Prepare the shareholders' equity section of the balance sheet for Harris Hats, Inc, at December 31, 2022 in good form. Make sure to appropriate title and order the information. On March 15th, a 4-for-1 stock split was declared and distributed. The stock split was effected in the form of a stock dividend. The market value of the $1 par common stock was $22 per share. On July 5th, a 5% common stock dividend was declared and distributed. The market value of the common stock was $21 per share. On December 1st, the board of directors declared the annual cash dividend of 10% on the 50,000 preferred shares, payable on December 28th to shareholders of record December 20th On December 1st, the board of directors declared a cash dividend of $0.40 per share on its common shares, payable on December 28th to shareholders of record December 20th On December 29th, the company reacquired 10,000 shares of common stock at a price of $11 per share. Net income for the year was $9,999,000.