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Exercise 15-18 (Part Level Submission) Cheyenne Company reported the following amounts in the stockholders’ equity section...

Exercise 15-18 (Part Level Submission)

Cheyenne Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet.

Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000
Common stock, $5 par (107,000 shares authorized, 21,400 shares issued) 107,000
Additional paid-in capital 127,000
Retained earnings 491,000
   Total $925,000


During 2017, Cheyenne took part in the following transactions concerning stockholders’ equity.

1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016.
2. Purchased 1,800 shares of its own outstanding common stock for $41 per share. Cheyenne uses the cost method.
3. Reissued 800 treasury shares for land valued at $33,700.
4. Issued 520 shares of preferred stock at $105 per share.
5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $44 per share.
6. Issued the stock dividend.
7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018.

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