Question Details

stockholders' equity section of Morgan Company's



Morgan Company reported the following balances at December 31, 2012: common stock $500,000; paid-in capital in excess of par value $100,000; retained earnings $250,000. During 2013, the following transactions affected stockholders’ equity.

1.	Issued preferred stock with a par value of $150,000 for $200,000.
2.	Purchased treasury stock (common) for $40,000.
3.	Earned net income of $140,000.
4.	Declared and paid cash dividends of $75,000.
Instructions
Prepare the stockholders' equity section of Morgan Company's December 31, 2013, balance sheet.




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