Cheyenne Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par...

Cheyenne Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders’ equity.

Preferred Stock, 152,200 shares $ 3,044,000

Common Stock, 2,039,000 shares 10,195,000

Paid-in Capital in Excess of Par—Preferred Stock 202,000

Paid-in Capital in Excess of Par—Common Stock 26,684,000

Retained Earnings 4,587,000

The following transactions affected stockholders’ equity during 2018. Jan. 1 32,600 shares of preferred stock issued at $23 per share. Feb. 1 49,300 shares of common stock issued at $19 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 29,900 shares of common treasury stock purchased at $10 per share. Cheyenne uses the cost method. Sept. 15 10,300 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 52¢ per share is declared. Dec. 31 Net income is $2,134,000.

Prepare the stockholders’ equity section for Cheyenne Company at December 31, 2018

Expert Solution

ekkarill92 answered 2 years ago

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