Acc280 Financial Accounting: E14-10 Kelly Groucutt Company reported the following balances
Acc280 Financial Accounting
E14-10 Kelly Groucutt Company reported the following balances at December 31, 2009: common stock $400,000; paid-in capital in excess of par value $100,000; retained earnings $250,000. During 2010, the following transactions affected stockholder's equity. 1. Issued preferred stock with a par value of $125,000 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 $56,000.
Instructions Complete the stockholders' equity section of Kelly Groucutt Company's December 31, 2010, balance sheet. (Order multiple accounts in the standard format used in the text.)