Prepare the stockholders' equity section of the balance sheet at December 31, 2014.
The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows.
| Preferred Stock (7%, $100 par noncumulative, 4,800 shares authorized) |
|
$288,000 |
| Common Stock ($4 stated value, 326,000 shares authorized) |
|
1,043,200 |
| Paid-in Capital in Excess of Par Value-Preferred Stock |
|
11,520 |
| Paid-in Capital in Excess of Stated Value-Common Stock |
|
260,800 |
| Retained Earnings |
|
693,300 |
| Treasury Stock-(4,800 common shares) |
|
38,400 |
During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity.
| Feb. 1 |
|
Issued 4,700 shares of common stock for $32,900. |
| Mar. 20 |
|
Purchased 1,810 additional shares of common treasury stock at $8 per share. |
| Oct. 1 |
|
Declared a 7% cash dividend on preferred stock, payable November 1. |
| Nov. 1 |
|
Paid the dividend declared on October 1. |
| Dec. 1 |
|
Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. |
| Dec.31. |
|
Determined that net income for the year was $282,700. Paid the dividend declared on December 1
|