Preferred 2% stock, $100 par (25,000 shares authorized, 18,000 shares issued.)......... $1,800,000
Paid in Capital in excess of Par- Preferred Stock............... $216, 000
Common stock, $40 par (100,000 shares authorized, 70,000 issued.)........... $2,800,000
Paid in Capital in excess of Par- Common Stock............... $700,000
Retained Earnings................ $3,200,000
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
a. Issued 12,000 shares of common stock at $62, receiving cash.
b. Sold 5,000 shares of preferred 2% stock at $124.
c. Purchased 10,000 shares of treasury common for $580,000.
d. Sold 7,500 shares of treasury common for $457,500.
e. Sold 1,500 shares of treasury common for $82,500.
f. Declared cash dividends of $2 per share on preferred stock and $0.50 per share on common stock.
g. Paid the cash dividends.
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